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British fund Zegona on Friday said it was in exclusive talks with Sweden's Teliasonera to buy its Spanish budget mobile operator Yoigo.
A source familiar with the matter told Reuters on Saturday that Zegona, set up by two former Virgin Media executives, had made the highest offer to buy Yoigo.
The move would not be the first for the British vehicle within Spain's telecommunications market, after it acquired cable operator Telecable for $706 million, including debt, last July.
Spain's telecoms sector has been through a round of consolidation, with Orange swooping on broadband operator Jazztel, Vodafone buying Ono and Euskaltel agreeing an offer for R Cable.
The sale of Yoigo is likely to fetch far less than the multi-billion-euro Ono or Jazztel deals, however. In 2013 it had been expected to go for around EU1 billion but the Swedish telecoms group scrapped plans to sell it after bids failed to meet its expectations.
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