Spanish cableco Euskaltel plans to list up to 50% of the company by the end of July, a person familiar with the situation told TelecomFinance.
The company, which first announced its IPO plans in February, is reportedly expected to embark on an investor…
Spanish cableco Euskaltel plans to list up to 50% of the company by the end of July, a person familiar with the situation told TelecomFinance.
The company, which first announced its IPO plans in February, is reportedly expected to embark on an investor roadshow next week.
The person added that the company will be valued at a minimum of €1bn.
Euskaltel did not reply to a request for comment.
The Basque operator, which is being advised by Rothschild, UBS and JP Morgan, is 48.1% owned by private equity firms Trilantic and Investindustrial, while Kutxabank (42.83%), its subsidiary Araba Gertu (7.07%), and utility Grupo Iberdrola (2%) hold the remaining shares.
The operator recently said that a public listing would accelerate its growth plans, facilitating access to funding and M&A expansion. It posted an EBITDA of €155m in December 2014.
The person said that Euskaltel is keen to take part in the Spanish consolidation process, but it would consider opportunities that may arise once the IPO process is completed.
Last month, Euskaltel alongside rival Telecable were rumoured as potential bidders for Orange Spain’s fixed network assets. The French telco has committed to divest these in order to gain regulatory approval for its acquisition of local fixed-line player Jazztel.
Telecable itself, which is 85%-owned by the Carlyle Group, is reportedly up for sale, with Goldman Sachs advising the seller on a potential deal.
