n addition, it is scheduled that BBVA and Banco Santander will collaborate in the placement of shares. This transaction represents the largest privatization in Spain history, providing the state revenues of 7,000 to 8,000 million euros.
The equity of the company is situated near to 21,000 million euros, although some assets are included in the assessment, as new games, the internationalization plan or reduce costs. This partial privatization, the largest carried out in Spain so far and the second in Europe, will have a retail tranche of 60%, and will lead to the seventh or eighth capitalization listed on the Ibex.
Analysts will study the operation in the first weeks of September, and in early October will start the process of placement with institutional investors to set the price of the IPO in the first week of November.
The society presided by Aurelio Martinez dismissed that ONCE (Spanish National Organization for Blinde People) become a shareholder in the institutional tranche, as it would suppose the entry into its board of directors of a direct competitor.