Spain’s Loterias Said to Hire Four Banks for $10 Billion IPO

Spain’s national lottery operator hired four banks for an initial public offering that may raise as much as 7 billion euros ($10 billion), according to two people with knowledge of the transaction.

Sociedad Estatal Loterias y Apuestas del Estado mandated Credit Suisse AG, Goldman Sachs Group Inc., JPMorgan Chase & Co. and UBS AG for the sale of a 30 percent stake, valuing the company at as much as 21 billion euros, according to the people, who declined to be named because the information is private. A listing is expected to come as early as November, said the people. If successful, it would be Spain’s biggest IPO ever, according to data compiled by Bloomberg.