Derio-based Euskaltel has reportedly agreed an offer for rival Spanish cableco R Cable, according to Reuters, in a deal which gives the latter company an enterprise value of EUR1.2 billion (USD1.32 billion). With this development including two of the nation’s last three independent cable operators, it is the latest in a wave of consolidation which has swept the Spanish telecoms market, and follows Vodafone Group’s purchase of ONO and the still-to-be-completed acquisition of Jazztel by Orange Group. Subject to being finalised, the tie-up between Euskaltel and R Cable is expected to create a network stretching for around 725,000 kilometres and serving around 715,000 residential and business customers in the north of the country. With regards to the terms of the deal, Euskaltel is said to have offered shareholders in Galicia-based R Cable a deal mostly in cash with the rest in new shares, although it has not given any further details. The agreement is understood to have been authorised by the boards of both companies and is subject to due diligence and regulatory approval. It has meanwhile been confirmed that the two regionally-focused cablecos will retain their existing brands should the tie-up be completed.