Blackrock takes stake in Euskaltel

Private-equity group Blackrock has acquired a 3.6% stake in Basque Country cable operator Euskaltel, which successfully debuted on the Bilbao stock market last week.

Euskaltel’s other key investors remain regional bank Kutxaband, with a 30.1% stake and Corporación Financiera Alba, with 8%.

Following its IPO on Wednesday, with shares priced at €9.50, in the middle of its indicative range, Euskaltel’s shares ended the week at €10.10, giving the company a value of about €1.278 billion.

Observers judged the flotation to be a success, particularly given the market uncertainty engendered by the situation in Greece.