(Alliance News) - Zegona Communications PLC said Wednesday that Spanish telecommunications provider Euskaltel SA has signed a trademark licence agreement for use of the Virgin brand in Spain.
Zegona, which is a telecommunications-focused investment firm, is also Euskaltel's largest shareholder, with more than a 20% stake in the firm.
For Euskaltel, use of the Virgin brand will allow the company to pursue its national expansion strategy, which is targeting entry into the 85% part of the Spanish market where Euskaltel is not present.
"As Euskaltel's largest shareholder, we are looking forward to working with the Virgin Group once again to create a leading national telecoms operator in Spain. Euskaltel already has three strong brands in the North of Spain, and we are very excited by the opportunity which Virgin gives to take Euskaltel into the 85% of the Spanish market where it is not present today," said Chair & CEO Eamonn O'Hare.
Shares in Zegona Communications - which is based in London - were marginally lower at 109.95 pence on Wednesday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Zegona Com (ZEG)