Mayer Brown advises bank syndicate on Euskaltel's €763 million IPO
30 June 2015
London - Global law firm Mayer Brown has advised the bank syndicate led by J.P. Morgan Securities plc and UBS limited, acting as joint global coordinators, on the €763 million initial public offering of Euskaltel, the Basque fiber and convergence leader.
The IPO consists of a secondary offering of the Company’s existing ordinary shares by Euskaltel’s current shareholders. Euskaltel’s initial listing on the stock exchanges of Madrid, Barcelona, Bilbao and Valencia is scheduled for July 1, 2015. The offer price implied a market capitalisation of €1.2 billion.
Headquartered in Bilbao, Spain, Euskaltel offers primarily bundled services comprised of high-speed broadband, Pay TV, mobile and fixed telephony services to residential and business customers primarily in the Basque Country in Spain. It is the market leader for broadband and Pay TV services (in terms of customers) and is the fastest growing provider of mobile telephony services (in terms of number of lines) in the Basque Country. As of March 31, 2015, Euskaltel provided services to 295,360 residential customers, and for the year ended December 31, 2014 generated revenue of €321 million.
Mayer Brown’s equity capital markets team has advised on four of the six IPOs in Spain this year and is the second leading issuer’s legal advisor for common stock deals in EMEA (according to Thomson Reuters).
The Mayer Brown team in London which advised the banking syndicate was led by partner Robert Flanigan in the Banking & Finance group, with support from partner Greg Stonefield in the Corporate & Securities group, senior associate Michelle Wyatt and associate Salma Daneshmand. Tax Transactions & Consulting partner James Barry advised on the tax aspects of the deal.
Cuatrecasas, Gonçalves Pereira acted as Spanish counsel to the bank syndicate.