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TMT turnaround specialist Zegona returns $183 mln to investors

LONDON, July 26 (Reuters) - Britain's Zegona, set up to invest in European technology, media and telecoms companies, said it would return 140 million pounds ($183 million) to shareholders via a tender offer after completing the sale of Telecable.

Zegona, founded by former executives of cable group Virgin Media to operate a "Buy-Fix-Sell" strategy, acquired Spanish communications company Telecable in 2015 and agreed to sell it in May to Euskaltel, keeping a 15 percent stake in the combined entity and board representation.

Zegona said it had now completed the sale.

"We have made over 40 percent return in less than two years," Eamonn O'Hare, Zegona's chairman and CEO, told Reuters by phone, adding that he would return to investors to raise fresh cash if he secured a new deal.

"Something could pop up in the next few months but it could take three, six, nine months before it happens."

O'Hare said the market was currently perfect for a group like Zegona, which models itself on engineering turnaround specialist Melrose, as several large players are looking to focus on their core markets, and sell off smaller assets. ($1 = 0.7666 pounds) (Reporting by Kate Holton; Editing by Susan Fenton)