Avanzit preps for stock listing
EmptyMADRID -- Spanish new technology powerhouse Avanzit will divide up 15% of its media subsidiary Cecsa among its shareholders in preparation for a public listing of its holdings later this year.
Avanzit president Javier Tallada made the announcement at Monday's general shareholders meeting.
The move increases the holding's value, which Tallada estimates will be about 6% of Avanzit's overall worth, making it equal to roughly €1.4 billion ($1.9 billion).
Avanzit owns 55% of Cecsa, with the remainder of the company's worth held by the former owners of film and TV production house Notro Films and mainstream film distributor Manga Films, both of which Avanzit has acquired in its campaign to go public.
Avanzit, which also owns production house Telespan 2000, has made no secret of its ambitions of becoming Spain's leading media group. Cecsa -- a name soon to be changed -- has sculpted itself into a formidable player in the industry and maintained its independence from any television channel or media group.
Cecsa includes everything from technological equipment, to creative services, special effects, post-production, digitalization, event production and now, film and television content.
Cecsa posted revenue of €65 million ($88.1 million) last year. Avanzit CEO Julio Lopez-Castano said at the shareholders meeting that he expects Cecsa to show €600 million ($813.4 million) in annual revenue and that the company will be listed when it hits some €300 million ($406.7 million) annually.