Spain has given the green light to sell off a third of the state-owned company that runs the country's lotteries and raise a reported €7 billion as the country grapples with debt woes and anemic growth.
Development Minister Jose Blanco made the announcement after a Cabinet meeting today. He gave no figures but news reports said the sale of 30% of Loterias y Apuestas del Estado will create one of Spain's largest companies as measured in market capitalisation and that with it the government hopes to reap $7 billion.
The company is best known for its lucrative Christmas lottery known as El Gordo, or the fat one. The company is expected to start listing on the Madrid stock market toward the end of October.
