AZ Capital advised Cellnex on the capital increase, with preferential subscription rights for current shareholders

Cellnex Telecom S.A., listed in the Spanish Stock Exchange (IBEX 35), is the main independent infrastructure operator for wireless telecommunication in EuropeCellnex Telecom approved a share capital increase with preferential subscription rights for an amount of €4.0 billion. The funds from the capital increase will be used to bolster the Company’s available resources to finance the expansion of its telco infrastructure portfolio in Europe.
The capital increase was be implemented through the issuance and sale of approximately 101 million ordinary registered shares at a subscription price (nominal plus share premium) of €35.45 for each new share. The capital increase amounted to an actual aggregate of €4.0 billion, or any lesser amount which may result from an incomplete subscription. The subscription price implied a discount of 25% to TERP (theoretical ex-rights price).
The share capital increased was fully subscribed: 99.45% of holders of preferential subscription rights subscribed for shares in the share capital increase. The demand from investors led to an oversubscription of more than 46.3 times the offer of 101.4 million new shares (which means a demand equivalent to more than €185 billion).
The transaction was underwritten by Morgan Stanley, JP Morgan, Goldman Sachs and BNP Paribas as Joint Global Coordinators and Joint Bookrunners, and by Banco Santander, CaixaBank, Banco de Sabadell, Deutsche Bank, HSBC, Intesa Sanpaolo, Mediobanca, Société Générale, Unicredit and BBVA as Joint Bookrunners.

AZ Capital

Advised in the sale of

Cellnex Telecom S.A.



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