Romanian telco Digi says it will retain control of all subsidiaries amid possible Spanish listing

Romanian telecommunications group Digi Communications said on September 16 that it does not intend to cede control of any of its subsidiaries, including Digi Spain, amid reports that it is preparing the Spanish unit for a stock market debut in 2026, Profit.ro reported.

“Digi Group continuously evaluates strategic options for developing its activities in various countries, as well as possible measures to improve the capital structure and financing of its subsidiaries, including Digi Spain,” said Chief Executive Officer Serghei Bulgac.

He added that such evaluations may involve external advisers, but stressed: “Digi Group is not currently considering any operation that would lead to the loss of control over one of its main subsidiaries, including Digi Spain, and remains focused on initiatives that support long-term value creation within Digi Group.”

Shares of Digi surged on the Bucharest Stock Exchange following reports of the potential listing. The price reached an all-time high of RON 90.20, giving the operator a market capitalisation of RON 90.20 billion (EUR 17.79 billion).

Spanish business daily Expansión reported that Digi had mandated Rothschild to advise on a listing of Digi Spain, which could value the subsidiary at about EUR 2.5 billion, including equity and debt. The paper added, citing unnamed sources, that a direct sale of a minority stake to a strategic investor could also be considered depending on market appetite.

Digi Spain, after several years of rapid expansion, has become the fourth largest telecom operator in the Spanish market, behind Telefónica, Masorange, and Vodafone.

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