Másmovil lands at Euskaltel and appoints Meinrad Spenger as the new CEO of the Basque operator




Without wasting a moment, the new Euskaltel It is crystallizing fast and the Basque operator reported the renewal of its board of directors, following the success of Másmovil’s takeover of the Basque operator. Specifically, the CEO of Másmovil Meirad Spenger, begins to exercise this same function in Euskaltel in substitution of Jose Miguel Garcia. The former CEO of Jazztel will remain linked to the company as an external advisor. In addition, Xabier Iturbe will continue as chairman of the board as well as José Ortiz as non-director secretary, who will be accompanied in this new stage by Alberto Castañeda as deputy secretary.

Similarly, on a board made up of a total of nine members, the new board includes the independents Beatriz Mato and Iñaki Alzaga, as well as the proprietary Stefano Bosio, Jorge Lluch and Miguel Segura, on behalf of the shareholders. Providence, KKR and Cinven (The investment funds that own Másmovil since the middle of last year). In addition to Josep María Echarri as external director and Germán Lopez as executive director.

The independent directors Belén Amatriaín and Ana García Fau leave the Euskaltel management. In addition to the CEO, José Miguel Garcia, who in the The new board has recognized his work in the development of the company and its national expansion, through the Virgin Telco brand.

In parallel, also commissions have been modified of Control and Audit, as well as Appointments and Remuneration. The first will be chaired by Iñaki Alzaba as independent director and will be formed by Beatriz Mato (independent) and the proprietary director, Miguel Segura. The appointments committee will also be chaired by Alzaba together with Beatriz Mato and the proprietary director Stefano Bosio. For its part, that of Remunerations will be made up of the independent Beatriz Mato together with Iñaki Alzaga and Jorge Lluch, the latter as proprietary director.

The landing of Másmovil occurs after the success of the takeover launched in March and take control of 97.67% of the capital stock of Euskaltel. Last Friday the new owner of Euskaltel launched the forced sale of the rest of the shares on August 27, at the same price of the takeover bid – 11 euros per share – and request the suspension of the listing of the Basque telecom company, at the close of the market on August 17. This is the previous step for its exclusion from the Stock Market, in line with what happened last year with Másmovil itself.

The resulting company More mobile Y Euskaltel, with clear ambitions to get on the podium of the telecos in Spain, brings together more than 14 million mobile and broadband services contracted, with more than 26 million marketable homes and 5G deployed in nearly 500 municipalities (Yoigo). In addition, they have estimated from the operator directed by Meinrad Spenger, that the income of the new group will reach the 3,000 million euros annually and there will be a staff of around 2,000 people.

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