Tuesday, June 28

Cellnex to raise 4 bln euros in new capital for probably M&A

BARCELONA, July 22  – Cellnex plans to raise up to 4 billion euros ($4.63 billion) in new allotment capital to finance a spread of its infrastructure portfolio, Europe’s finest cell telephone towers operator acknowledged on Wednesday.

“The market opportunities for Cellnex continue to be big,” chief executive Tobias Martinez acknowledged on a name with analysts, announcing that the rise used to be to fund probably mergers or acquisitions.

Chief financial officer Jose Manuel Aisa acknowledged the “ability to attain bigger offers is greater than closing year” because the company has gained scale.

Such acquisitions can also interact the in discovering of multi-stage operations to place new infrastructure valued at up to 11 billion euros, the Barcelona-based completely company acknowledged.

Cellnex’s CEO Martinez acknowledged the company used to be not in the hunt for minority stakes in various groups except there used to be a obvious course to manipulate. He acknowledged the aim used to be to consolidate its presence in the countries the put it has operations already however that it used to be conserving an recognize originate on new countries, equivalent to Poland.

Cellnex will reveal 101.4 million normal shares with a subscription price of 39.45 euros, a nearly 30% much less pricey price to its Wednesday closing price.

At 4 billion euros, the rise is a equivalent to round 18% of the company’s present market price.

Cellnex on Monday raised its 2020 guidance after completing a entire lot of investments and reported an raise in first-half of core earnings, however acknowledged it anticipated accumulate losses in the approaching quarters.

The community raised 3.7 billion euros closing year thru two separate capital will increase, which partly funded its interact of the telecoms division of Britain’s Arqiva.

Cellnex has supplied tens of thousands of telephone towers all the plan in which thru Europe, controls greater than 40,000 websites and is present in eight countries. It is considered as a central player in any consolidation of the European telecoms infrastructure market.

Spun off from Spanish infrastructure operator Abertis in 2015, Cellnex has expanded to attain a market capitalisation of nearly 22 billion euros and change into the fifth finest company on the IBEX 35 blue-chip index. ($1 = 0.8639 euros) (Reporting by Joan Faus, extra reporting by Jesus Aguado. Enhancing by Jane Merriman)

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