Cellnex concludes €4bn rights issue with ‘unbelievable’ oversubscription

Cellnex_PA_575_375
By Aidan Gregory
14 Aug 2020

Spanish telecommunications infrastructure company Cellnex has finished its €4bn rights issue to fund further M&A opportunities, with an extremely high oversubscription.

In a regulatory filing, Cellnex said that 99.45% of the transaction was subscribed for by shareholders.

In Spain, and some other European jurisdictions, in rights issues shareholders and new investors can subscribe for new stock beyond their entitlement. Any stock that is unsubscribed for is distributed to ...

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