BTG Snags First Lead Role on European Company IPO With Cellnex

Grupo BTG Pactual, the Brazil investment bank controlled by billionaire Andre Esteves, won its first lead-manager assignment for a European company’s initial public offering with Cellnex Telecom Sau’s 1.7 billion euro ($1.9 billion) deal.

Cellnex, a Barcelona-based operator of wireless telecommunications towers, said earlier this month it selected Sao Paulo-based BTG and Spain’s Banco Bilbao Vizcaya Argentaria SA as lead managers for the IPO when it goes public in a May 5 pricing that will raise capital for its owner, Abertis Infraestructuras SA. BTG hasn’t previously served as lead manager for a European company’s IPO, according to data compiled by Bloomberg.

BTG has been expanding outside Latin America as the economy in its home market slumps. The firm, Brazil’s only independent publicly traded investment bank, partnered with Abertis in 2012 on a 430 million euro private-equity investment in a government of Catalonia concession to operate and maintain tunnels in Vallvidrera and Cadi for 25 years.

BTG sold its 65 percent stake in Tunels de Barcelona I Cadi to Axa Infrastructure Fund III, which is managed by Ardian France SA, for 146.5 million euros, the firm said in a regulatory filing in November 2014. That represented a multiple of 2.46 times the capital originally invested in operation, according to the filing.

BTG and Abertis declined to comment on Cellnex’s IPO. Seven other banks were given senior roles on the deal as global coordinators and joint bookrunners.

Cellnex, which operates towers in Spain and Italy, is one of Abertis’s “crown jewels,” Abertis Chief Executive Officer Francisco Reynes said at a press conference in Barcelona on April 24. The IPO is expected to value Cellnex at about 2.8 billion euros, according to the term sheet.

Spain has the second most active IPO market in the world by value this year, after the U.S., according to data compiled by Bloomberg.

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