By Carlos Lopez Perea
MADRID--Spain's Euskaltel SA seeks a valuation of up to 1.4
billion euros ($1.59 billion) in a planned stock market listing,
the cable company said Friday.
Euskaltel said it has set an initial price range for the share
sale at between EUR8.7 and EUR11.05 per share, giving the company a
stock market value of EUR1.1 billion at the low end of the range
and EUR1.4 billion at the high end.
The firm's shareholders plan to sell 88.45 million shares in the
offering, including an over-allotment given to the banks advising
on the sale.
All the current owners will sell shares in the offering, though
its biggest shareholder, Kutxabank SA, will hold on to 30.1% of
Euskaltel. Private equity firms Investindustrial LP and Trilantic
Capital Partners LP, as well as Spanish power firm Iberdrola SA,
will sell all their shares.
Euskaltel is the leading operator of broadband Internet and pay
television in the Basque Country.
In 2014, Euskaltel's revenue totalled EUR315.1 million and its
net profit was EUR36.7 million.
Write to Carlos Lopez Perea at carlos.perea@wsj.com
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