Marwyn Value Investors Ltd (LSE:MVI) flagged to investors that funds managed by Marwyn Investment Management have made a £7.845 million investment in Zegona Communications (LSE:ZEG) PLC as part of its €300 million fundraising to buy Vodafone Spain.
Zegona announced that it had agreed the deal with Vodafone for a total consideration of €5.0 billion, funded through a combination of this equity placing, new debt and Vodafone financing.
Led by two former Virgin Media executives, Zegona was formed with the backing of Marwyn in 2015 as a 'buy-fix-sell' strategy within the European technology, media and telecoms (TMT) sector.
Of the funds invested by manager Marwyn Investment Management in this latest placing, roughly £6.23 million is attributable to Marwyn Value Investors ordinary shares, it said in a statement.
Helped by Marwyn, Zegona acquired its platform asset, Telecable for €640 million in 2015, before selling it in 2017, receiving stock consideration in Spanish telecoms provider Euskaltel, which Zegona utilised to drive management and operational improvements.
Euskaltel was acquired by Masmovil for an EV of €3.5 billion in August 2021, following which Zegona returned £335 million to shareholders.