Basque banking group Kutxabank has held talks with potential investors on selling part of its majority stake in regional cable operator Euskaltel.
A spokeswoman said that discussions had taken place in various circles, but did not give any more details….
Basque banking group Kutxabank has held talks with potential investors on selling part of its majority stake in regional cable operator Euskaltel.
A spokeswoman said that discussions had taken place in various circles, but did not give any more details. She added that Kutxabank’s approach had not changed since February.
The bank’s president, Mario Fernandez Pelaz, recently said that its intention is to reduce its 67.56% stake in Euskaltel to below 50%.
Spanish newspaper Expansion reported that Kutxabank has mandated Citigroup to advise it on the sale.
Meanwhile, the Basque government is also reportedly looking to sell a 7.45% stake in Euskaltel held by two state-owned companies.
In a report earlier this week, Expansion cited Basque government sources as saying that the government had taken control of two stakes in Euskaltel held by the Basque state-owned broadcasting and energy companies.
The sources reportedly suggested that by bringing the stakes under direct government control, the Basque state would be in a better negotiating position to sell them.
The Basque operator provides broadband, fixed-line telephone and digital TV services, as well as mobile services through an MVNO.
Euskaltel declined to comment.