Milbank Advises Zegona on Equity Raise and Debt Financing for the Acquisition of Telecable

Milbank, Tweed, Hadley & McCloy LLP has advised Zegona Communications plc on the equity raise and debt financing for the acquisition of Spanish cable operator Telecable from Carlyle Group and Liberbank SA. Zegona Communications plc was set up by the former Virgin Media executives Eamonn O'Hare and Robert Samuelson.

The acquisition was funded with a combination of £251 million (US$389.8 million) of new equity, backed by institutional investors, funds from Zegona's recent float and a new senior secured debt facility arranged by Goldman Sachs.

Telecable, founded in 1995, has more than 162,000 residential and corporate clients and 131 million euros in revenue in 2014. The Oviedo, Spain-based company provides television, landline, mobile-phone and broadband services. The deal puts the newly-listed company at the center of a wider consolidation move in the Spanish cable sector.

The cross-practice Milbank team was led by London Securities partner Tim Peterson with Leverage Finance partner Neil Caddy (London), Securities partner Stuart Morrissy (London), Alternative Investments partner James Warbey (London), Corporate partner Mark Stamp (London) and Tax partner Andrew Walker (New York). Other Milbank team members included Leverage Finance special counsel Miko Bradford, Tax special counsel Matthew Mortimer, Corporate associates Sarah Ullathorne, Daniel Wayte and Daniel Okusaga, Global Securities associates Shoshanna Harrow, Alastair Gillespie, Anna Lumijärvi, Anh Ngo and Nina van Limburg Stirum, Leverage Finance associates Michelle Gilmore, Peter Mason and Isabel Vickers and Alternative Investments associate Robert Wyse Jackson (all from the London office) as well as New York Tax associate Erika Hauser.