Cellnex launches €7bn rights issue with strong support

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By Aidan Gregory, Sam Kerr
30 Mar 2021

Cellnex, the acquisitive Spanish telecoms tower company, launched a €7bn rights issue on Thursday to fund its takeover of French tower firm Hivory from Altice and KKR.

Shareholders will be able to subscribe for 19 Cellnex shares for every 48 they own.

According to terms published on Tuesday, the offer price has been fixed at €36.33 a share, giving investors a 17% discount to the theoretical ex-rights price. Cellnex will issue 192.6m new shares.

Following shareholder ...

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