Virgin re-birth: executive divulges plans to ‘buy, fix and sell’ struggling European telcos

5 Mar 2015

Former executives of Virgin Media are planning to raise money on the London Stock Exchange’s Alternative Investment Market (AIM), with a view to acquiring struggling European telecoms companies that have been overlooked by the recent wave of consolidation sweeping the continent. According to the Financial Times, Eamonn O’Hare, who served as Virgin Media’s finance director before it was acquired by Liberty Global two years ago, is setting up Zegona as an investment vehicle to acquire businesses with enterprise values of GBP1 billion to GBP3 billion (USD1.5 billion to USD4.6 billion).

O’Hare told the FT: ‘We will have a buy, fix and sell approach. We think that the opportunity at the moment is incredible.’ Going forward, Zegona has already identified about 70 potential targets, although it will only buy one business at a time before selling it at a profit and then acquiring another.

United Kingdom, Zegona