The Euskaltel deal gave a rich return to funds run by Investindustrial and Trilantic Capital Partners who gained more than 3x the capital they invested in October 2012, including a 207 million euros extra-diviend they will pay themselves, MF-Milano Finanza writes today.
Ipo of the Spanish tlc services and cable tv provider was actually a great success despite tensions on the European stock markets last Monday June 29 due to the escalation on the Greek crisis.
The institutional placement saw orders for a volume which was more than 3x the offered amount so the ipo price was fixed at 9.50 euro per share in the middle of the 8.70-11.05 price range and the company will start listing today in Madrid with a market capitalization of 1.2 billion euros (see here the press release).
The offer did not include any capital increase but consisted just in a sale of shares by actual shareholders. Shares were sold representing a 63.5% stake of the company’s capital (80.4 million shares for a total amount of 764 million euros).
Investindustrial and Trilantic sold the whole 48.1% stake they owned through International Cable sa. The two private equità firms invested 200 million euros in equity back in October 2012 after Euskaltel reached 334 million euros in revenues in 2011 with 131 millions of ebitda. In 2014 revenues were 321,1 millions with a 155.9 millions of ebitda.
As for the other previous shareholders, Spanish utility Iberdrola too sold all its remaining stake (2%) while Spanish cooperative bank KutxaBank significantly reduced its 49.9% stake.
A new strong shareholder is now the powerful Spanish March family through its holding Corporación Financiera Alba, while other stakes have been subscribed by Mr.François Pinault (Kering ) through his holding Artemis sa and by funds managed by Soros Fund Management e BlackRock.
