UK-based telecommunication company Zegona Communications PLC plans to boost its stake in Spanish rival Euskaltel through a new proposed offering.

Zegona offered to sell 95.2 million new ordinary shares in the company to raise at least 100 million pounds ($128.4 million). With the capital raise, it will raise its stake in Euskaltel by 12.5 percent through market purchases at a price it considers attractive for its shareholders.

Initially, Zegona had plans to raise its stake in Euskaltel to 29.9 percent to become Euskaltel’s leading shareholder by the first week of February 2019.

In 2017,Zegona acquired 15 percent of Euskaltel after selling regional broadband operator Telecable Asturias for $786 million.