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Spain’s Regional Basque Country-based cable operator Euskaltel has launched a share issue estimated at €255 million to help pay for its €1.19 billion acquisition of R Cable, which operates mainly in the northern region of Galicia.
Euskaltel will issue over 25.3 million new shares as part of the planned capital hike, which combined with new loans and existing cash will be used to finance the acquisition.
Underwriters Citigroup and UBS are sounding out demand among institutional investors, and the sale should be completed in coming days.
The new shares issued by Euskaltel, which listed on the Spanish stock market in July, will start trading on November 26th, the company said.