Zegona yet to secure deal as Telia opens up to rival bids for Yoigo

Telia’s period of exclusive talks with UK-based cable investor Zegona Communications over the potential sale of Spanish mobile operator Yoigo has ended without a deal being struck, according to local press.

Zegona, which owns Spanish Asturias region cable operator Telecable, had entered into exclusive talks with Telia to acquire Telia’s 76.6% stake in Yoigo in March.

Zegona said at the time that it would need to involve other stakeholders in the deal and that it had no agreement with them at that stage. According to Spanish newspaper Expansión, citing unnamed sources close to the process, Zegona reached a deal with Telia but had run into problems with Yoigo’s minority shareholders ACS, Abengoa and FCC.   

The ending of the exclusive window of negotiations opens the way for other potential bidders to submit proposals. Mobile operator MásMóvil is seen as a key potential rival and has previously proposed a bid of €550 million for Yoigo.