Spanish energy and water utility Cox to raise $329 mln in IPO
MADRID, Oct 7 (Reuters) -Spanish energy and water utility Cox Energy plans to raise 300 million euros ($329.04 million) in an initial public offering (IPO) on the Madrid stock exchange, it said on Monday.
The IPO is aimed at helping Cox to drive its expansion, having last year acquired debt-laden Spanish engineering and energy group Abengoa, which had borrowed heavily to fund aggressive expansion in clean energy.
"This transaction will enable us to continue to execute our growth strategy to consolidate Cox as a global leader in water infrastructure and management, and renewable energy generation and transmission," Cox Chairman Enrique Riquelme said in a statement.
Riquelme controls 77.85% of Cox, the company said.
Banco Santander, Bank of America and Citigroup are acting as joint global coordinators, Cox said.
($1 = 0.9117 euros)
Reporting by Inti Landauro
Editing by David Goodman
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