BARCELONA, July 22 (Reuters) - Cellnex plans to
raise up to 4 billion euros ($4.63 billion) in new share capital
to finance an expansion of its infrastructure portfolio,
Europe's largest mobile phone towers operator said on Wednesday.
"The market opportunities for Cellnex continue to be
massive," chief executive Tobias Martinez said on a call with
analysts, saying that the increase was to fund potential mergers
Chief financial officer Jose Manuel Aisa said the "capacity
to do bigger deals is higher than last year" as the company has
Such acquisitions could take the form of multi-stage
operations to buy new infrastructure valued at up to 11 billion
euros, the Barcelona-based company said.
Cellnex's CEO Martinez said the company was not seeking
minority stakes in other groups unless there was a clear path to
control. He said the goal was to consolidate its presence in the
countries where it has operations already but that it was
keeping an eye open on new countries, such as Poland.
Cellnex will issue 101.4 million ordinary shares with a
subscription price of 39.45 euros, a nearly 30% discount to its
Wednesday closing price.
At 4 billion euros, the increase is equivalent to around 18%
of the company's current market value.
Cellnex on Monday raised its 2020 guidance after completing
several investments and reported an increase in first-half core
earnings, but said it expected net losses in the coming
The group raised 3.7 billion euros last year through two
separate capital increases, which partially funded its purchase
of the telecoms division of Britain's Arqiva.
Cellnex has bought tens of thousands of phone towers across
Europe, controls more than 40,000 sites and is present in eight
countries. It is seen 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 reach a market capitalisation of
nearly 22 billion euros and become the fifth largest company on
the IBEX 35 blue-chip index.
($1 = 0.8639 euros)
(Reporting by Joan Faus, additional reporting by Jesus Aguado.
Editing by Jane Merriman)