LONDON, UK: Marwyn Value Investors Limited (MVIL) has announced that its funds managed by Marwyn Investment Management LLP have participated in a €300 million (£262 million) equity placing by Zegona Communications Plc, a notice said.
Zegona is a company that follows a ‘Buy-Fix-Sell’ strategy in the European TMT sector. Zegona has recently agreed to buy 100% of Vodafone Holdings Europe, S.L.U. (“Vodafone Spain”) from Vodafone Europe B.V. for €5.0 billion. The deal will be financed by new debt, Vodafone financing and the equity placing.
The deal values Vodafone Spain at €5.0 billion, which is 3.9 times its EBITDAaL, as defined by Zegona. More details of the deal can be found on Zegona’s website.
Zegona was founded in 2015 by Eamonn O’Hare and Robert Samuelson, along with Marwyn. Zegona’s first asset, Telecable, was bought in August 2015 and sold to Euskaltel in July 2017. Zegona kept a 15% stake in Euskaltel (later increased to over 20%). Zegona returned most of the proceeds from the sale of Euskaltel in 2021 through a tender offer.
The funds managed by Marwyn Investment Management LLP have invested £7.845 million in Zegona, of which about £6.23 million is for the Ordinary shares of MVIL and about £0.04 million is for the 2021 Realisation shares of MVIL. There is no allocation to the 2016 Realisation shares of MVIL, as they were created more than 3 years ago.
Marwyn Value Investors Limited is a closed-ended investment company on the London Stock Exchange Specialist Fund Segment, which is a regulated market for professional, institutional and sophisticated investors. Marwyn’s 12 comparable listed acquisition companies that have bought platform businesses have made over 80 more transactions, delivering over £4.3 billion in equity profits and an average return to shareholders of 119 per cent on invested capital as at 31 October 2023.