Mediobanca participated as Joint Bookrunner in the €7.0bn capital increase successfully completed by Cellnex Telecom, S.A.

Mediobanca is acting as joint bookrunner for Cellnex Telecom

On February 3rd 2021, Cellnex (Europe’s leading operator of wireless telecommunications infrastructure) announced that it has reached an exclusivity agreement with Altice France for the acquisition of Hivory (portfolio of approx. 10,500 telecommunications sites in France).

On the same date, the Company announced a fully underwritten rights issue of up to €7bn. The proceeds of the capital increase will be used to finance the €18bn M&A pipeline, 50% of which has been already committed (agreement with Deutsche Telekom in the Netherlands, acquisition of Hivory in France and Polkomtel Infrastruktura in Poland).

This is the fourth Rights Issue executed by Cellnex in two years (€1.2bn in March 2019, €2.5bn in October 2019, €4.0bn in August 2020).

Key terms of the offer:

  •   Gross proceeds of the fully underwritten Rights Issue: €7bn
  •   Number of new ordinary shares: 192,619,055 (c. 39.6% of the share capital pre rights issue)
  •   Subscription price: €36.33
  •   Subscription ratio: 18 new shares for 49 old shares
  •   Discount to TERP: 17% (TERP of €43.75 based on the 29th March 2021 closing price of €46.68)
  •   Subscription period and rights trading period: 1st – 15th April 2021 
  •   Irrevocable commitments from existing shareholders: c. 32% of existing share capital.

On 21st of April, a 99.4% take up was announced, with an oversubscription of more than 45x.       

This is the largest corporate Rights Issue in Europe in the last 10 years and likely to be the biggest European ECM deal of 2021

The transaction represents the 11th ECM deal in the Towers sector and the 7th active role with Cellnex, confirming our leadership in this attractive TMT segment.

This deal is another milestone in Mediobanca’s strategic effort to make Spain a core country alongside Italy.