Basque cableco Euskatel will list around 80.4 shares, or 63.5% of the company, on 1 July in an IPO worth up €880m.
Should a 10% greenshoe option be fully exercised, Euskaltel will list up to 69.9%.
The company priced the offering at between €8.7…
Basque cableco Euskatel will list around 80.4 shares, or 63.5% of the company, on 1 July in an IPO worth up €880m.
Should a 10% greenshoe option be fully exercised, Euskaltel will list up to 69.9%.
The company priced the offering at between €8.7 and €11.05 per share, valuing the cable operator at up to €1.4bn.
Euskaltel, which is being advised by Rothschild, UBS and JP Morgan, is 48.1% owned by private equity firms Trilantic and Investindustrial (International Cable), while Kutxabank (42.83%), its subsidiary Araba Gertu (7.07%), and utility Grupo Iberdrola (2%) hold the remaining shares.
Following the IPO, International Cable and Iberdrola will fully exit the company, while Kutxabank will retain a 30.1% stake. The company’s employees will hold a 1.3% interest.
Commenting on the offering, Euskaltel chairman, Alberto Garcia Erauzkin, said: “The IPO marks a new chapter in Euskaltel’s history and corporate development which will bring exciting opportunities for the company, its clients, its employees and the Basque Country.
“The telecom sector is benefiting from strong growth in mobile data and convergence, and we are well positioned to make the most of these opportunities as the innovative and customer-centric market leader in the region.”
The offering is structured as a single global tranche to qualified investors inside and outside of Spain, including a placement in the United States to qualified institutional buyers.
The company 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.
