Cellnex launches EUR 7 bln capital hike to fund Hivory buy

News Wireless Spain 30 MAR 2021
Cellnex launches EUR 7 bln capital hike to fund Hivory buy

Spanish operator Cellnex Telecom said it has launched its previously announced EUR 7 billion capital increase to fund the acquisition of French tower venture Hivory as well as a portfolio of projects that could reach in the region of EUR 18 billion over the 18 months following completion. In addition to the EUR 5.2 billion Hivory acquisition, the portfolio also includes the deal announced on 21 January with Deutsche Telekom for tower assets in the Netherlands, the acquisition of Polkomtel Infrastruktura in Poland as well as investment in its existing network.

Cellnex said the capital hike, with preferential subscription rights for current shareholders, will be made through the issuance of 192,619,055 ordinary shares valued at EUR 36.33 per share. The company added that executives have already announced their intention to subscribe to around 32 percent of the new shares.

However, the company’s largest shareholder – the Benetton family’s Edizione holding – earlier revealed that it would not be taking part in the capital increase. Earlier this week Edizione agreed to sell a 2.5 percent stake in Cellnex to Singapore’s sovereign fund GIC for around EUR 542 million.


Categories:

Mobile

Companies:

Cellnex

Regions:

Europe

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Spain

Tags:

Production planning & operations, Financial funding

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