The Regional Basque Country-based cable company Euskaltel is to target foreign institutional investors with its IPO. Current shareholders – savings bank Kutxabank, investment firm International Cable BV and power company Iberdrola – will sell shares with a value estimated at €1.5-1.7 billion. 

JP Morgan Securities PLC and UBS Ltd will coordinate the operation.

Euskaltel is the leading broadband and pay TV provider in the Basque Country, in the north of Spain, where its network reaches 85 per cent of homes. The company posted €321.2 million in revenue last year. 

The company is seeking to merge with other big regional cable companies in the North of the country, R in Galicia and Telecable in Asturias. Combined, the three companies reach around 340,000 subscribers, with Euskaltel having over 110,000, R around 100,000 and Telecable around 130,000. 

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