Telefonica to announce EUR 4 bln capital hike – report

News General Spain 3 FEB 2015
Telefonica to announce EUR 4 bln capital hike – report
Telefonica is set to announce a capital hike of around EUR 4 billion, representing around 7.5 percent of its current market value, according to unnamed sources cited by Spanish online newspaper El Confidencial. The operator has appointed JP Morgan as financial advisor for the transaction, which would serve to shore up Telefonica's balance sheet and fund recent acquisitions in Europe and Latin America. The exact amount of the capital increase will be dictated by market demand, adds the report, but at least EUR 3.4 billion will be set aside to cover Telefonica's EUR 7.2 billion purchase of Brazilian broadband operator GVT.

Categories:

General

Companies:

GVT,  Telefonica

Countries:

Spain

Tags:

Production planning & operations, Financial funding, M&A buyouts & divestments

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