PE-backed Euskaltel announces intention to float

The flotation will consist solely of existing shares, which will be offered on the Madrid, Barcelona, Bilbao and Valencia stock exchanges.

Following the IPO, the business will look to continue to expand its infrastructure, specifically targeting ADSL customers who are yet to upgrade to fibre optic broadband services.

Investindustrial and Trilantic acquired a 48% stake in the business via the International Cable Holdings newco in October 2012, a deal that included an equity investment of more than €200m. Previous owners Iberdrola and Kutxabank remain invested in the company.

All four investors will be subject to a lock-up period of 180 days following the offering.

Founded in 1995 and based in the Basque region, Euskaltel is a telecommunications business providing fixed-line, broadband, mobile and pay TV services to consumers and corporates.

The company generated a turnover of €321.2m in 2014 with adjusted EBITDA of €155.9m. So-called triple- and quadruple-play offerings, where the company provides multiple services on a single contract, account for 57.6% of its customer base.

JP Morgan Securities and UBS are acting as joint global coordinators and joint bookrunners in the flotation, while Rothschild is acting as adviser to the company.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Southern Europe
• Support services
• Spain
• Investindustrial
• Trilantic Capital Partners (previously LBMB)