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By Kate Holton
LONDON, March 4 (Reuters) - Eamonn O'Hare, a former VirginMedia finance director, plans to list a new company to raisecash to buy, turn around and sell assets in the Europeantechnology, media and telecommunications sector with a value ofup to 3 billion pounds ($4.58 billion).
O'Hare, also former chief financial officer at the UK arm ofretailer Tesco, has set up a firm called Zegona and isseeking to raise an initial 30 million pounds ($45.8 million)through a placing.
"It's a very simple strategy of buy-fix-sell," he toldReuters in an interview
"That (initial placing) will be strongly backed by majorinstitutional investors. Our objective is to go out and acquirea portfolio of sizeable assets with enterprise values of 1 to 3billion sterling."
The European TMT sector has seen a wave of deal making inrecent years and Zegona will target those companies that are toosmall to interest the likes of Vodafone, Liberty Global and Telefonica and too big for privateequity.
Many equity investors have also recently taken cash out ofbig telcommunication firms like Vodafone, following the $130billion sale of its stake in Verizon Wireless, meaning theycould be keen to recycle money back into the sector to benefitfrom its strong yields.
Wider changes in the way people consume content has alreadyresulted in a convergence between fixed-line, mobile and TVcompanies across the region, that could prove an opening for thenew firm.
Key features that the new firm will be looking for in itsacquisition targets include a network, preferably with reliablesubscription revenues and margins that have the potential toimprove, pointing towards small cable, fixed-line or mobileoperators.
O'Hare, who will hold the roles of chairman and chiefexecutive, will be joined by Robert Samuelson as chief operatingofficer, who previously worked at Virgin Media and Virgin Group.
They say there are more than 70 companies in their "sweetspot" and that they have a short list drawn up.
JP Morgan Securities will act as joint bookrunner and jointbroker. Oakley Capital is also a joint bookrunner.($1 = 0.6554 pounds) (Reporting by Kate Holton; editing by Susan Thomas)
