Loterias Picks Banks For €7B IPO

Sociedad Estatal Loterias y Apuestas del Estado has hired Credit Suisse, Goldman Sachs, JP Morgan Chase and UBS for the sale of a 30% stake.

Sociedad Estatal Loterias y Apuestas del Estado has hired Credit Suisse, Goldman Sachs, JP Morgan Chase and UBS for the sale of a 30% stake, The Wall Street Journal reports. The Spanish national lottery operator is seeking to raise €7 billion from an initial public offering.

The listing, which is likely to value the firm at around €21 billion, is expected to take place in November this year, adds Bloomberg. PriceWaterhouseCoopers is serving as a strategic adviser to Loterías, while Clifford Chance and Uría Menéndez are its legal advisers.

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