This article deals with the forge and results of an alliance between the monopoly operator of the telephone service, the multinational capital and an autonomous administration determined to recover industrial fabric thanks to introducing advanced technology of telecommunications in a territory (Basque Country) punished by the depression during and after the industrial reconversion of the first years of the decade of 1980. It tries to shed light through a case study on possible differential elements with regard to the strategy that multinationals followed on other occasions. The methodology used comprises the drawing of the contextual framework of the central facts and the story of the conception, birth and trajectory of the company indicated. The work follows the trail of sectoral studies of an aggregate nature, published a decade ago, to which the perspective of business history adds. In a second axis, it adopts the comparative perspective to contrast different situations and circumstances studied. Other fundamental aspects also emerge, such as the link between regulatory activity and industrial policies at different levels of development and execution.