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Preparations for sale of Spanish Lottery underway

Mon 19th Sep 2011

The state-owned company behind Spain's national lottery tickets, is understood to be beginning preparations for its initial public offering (IPO) today.

The intention is for Sociedad Estatal Loterias & Apuestas del Estado SA to be listed on the stock exchange by November, with the IPO expected to raise 7 billion euros in revenue for the country.

The Government is selling their 30% stake in the company as a means of helping to cover borrowing overheads.

Goldman Sachs, JPMorgan Chase, UBS AG, Credit Suisse Group, BBVA and Santander will take responsibility for overseeing the IPO.

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