Spain Enters Privatization Procedure

Up to 30 percent stake up for sale

In an attempt to raise between EUR6 and 9 billion to fill a deficit in the state coffers, the Spanish government has initiated the procedure of privatization of up to 30 percent of national lottery Sociedad Estatal de Loterias y Apuestas del Estado SA.

The price range for its shares is expected to be set by the lottery in late September or early October, whereas an IPO should be there by the end of the year.

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