COX, the water and energy treatment facilities services group, will be listed on the Continuous Market and aims to raise €300 million from institutional investors. The Cox group, known for having acquired Abengoa’s assets last year, has announced its intention to list on the continuous market in Spain with a placement of new shares, via a capital increase, with which it intends to raise at least €300 million. Taking into account that, legally, a placement of around 25% is required to go public, the initial value of the group will be around €1,200 million.
The operation will consist of ‘a primary offering of newly issued shares by the company and will aim to raise approximately €300 million of capital, including the over-allotment option’, explained the company, founded and chaired by Enrique Riquelme. The offering ‘will be made to qualified investors and will include a placement in the United States aimed at qualified institutional investors’. Banco Santander, BofA Securities and Citigroup are acting as joint global coordinators of the offering, and JB Capital Markets and Alantra Capital Markets are acting as co-ordinators of the issue. BTG Pactual Bank is acting as co-manager of the issue. Latham & Watkins is acting as legal adviser to the company, and Clifford Chance is acting as legal adviser to the managers. Lazard is acting as sole independent financial adviser.
Cox, with revenues of €581 million last year and gross operating profit (ebitda) of €103 million, is a water and energy treatment facilities services company. In addition to these two divisions, the group provides engineering and facility maintenance services.
The company’s current shareholding structure is made up of a 77.85% stake held by Enrique Riquelme, 17.50% by the Zardoya family, and 4.65% by Mutualidad de Arquitectos, Arquitectos Técnicos y Químicos (HNA).
