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    CLNX   ES0105066007


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Vodafone to reap up to 2.3 billion euros from Frankfurt IPO

03/17/2021 | 03:36pm EDT
FILE PHOTO: Different types of 4G, 5G and data radio relay antennas for mobile phone networks are pictured on a relay mast operated by Vodafone in Berlin

FRANKFURT (Reuters) - Vodafone has priced shares in infrastructure unit Vantage Towers at 24 euros each, valuing the firm at 12.1 billion euros ($14.5 billion) in one of Europe's largest initial public offerings this year, Vantage Towers said.

Vodafone is reaping as much as 2.3 billion euros from the deal, assuming that an overallotment option (greenshoe) is fully exercised at the final offer price, Vantage Towers added.

Trading is slated to start in Frankfurt on Thursday.

The British-based operator had set the initial price range for the flotation of Vantage Towers at 22.50 to 29 euros per share, before narrowing that to 24-25 euros this week. It had targeted proceeds of 2-2.8 billion euros.

"This IPO unlocks value for our shareholders: it demonstrates the value of our towers assets in a 5G world," Vodafone Chief Executive Nick Read said.

Assuming the greenshoe will be fully exercised, Vodafone will continue to hold 81.1%.

The deal adds to a strong pipeline of new listings this year including Polish e-commerce firm InPost, German used-car trading platform AUTO1, British footwear brand Dr. Martens and food delivery firm Deliveroo.

Telecom towers have become the target of several big deals as Spain's Cellnex and U.S.-based American Tower Corp race to increase their European footprint, eyeing the roll-out of next-generation 5G technology.

Upgrading networks, including towers, for 5G - which promises an age of self-driving cars and brain surgery performed at a distance - will soak up some $890 billion between 2020 and 2025, the GSMA industry body says.

European operators are increasingly willing to exploit assets to help finance those build-outs.

While selling towers outright brings piles of cash, many are also looking to create separate tower units or launch joint ventures with independent companies as a way to keep a chunk of potential future growth.

($1 = 0.8348 euros)

(Reporting by Arno Schuetze and Muvija M; Additional reporting by Christoph Steitz; Editing by Louise Heavens, Jan Harvey and David Gregorio)

By Arno Schuetze

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CELLNEX TELECOM, S.A. 0.92% 54.94 Delayed Quote.27.40%
DELIVEROO PLC 1.54% 330 Delayed Quote.0.00%
DR. MARTENS PLC -1.41% 433 Delayed Quote.0.00%
INPOST S.A. -5.82% 16.52 Real-time Quote.0.00%
VODAFONE GROUP PLC -0.19% 116.18 Delayed Quote.-3.75%
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Sales 2021 2 534 M 3 008 M 3 008 M
Net income 2021 -81,4 M -96,7 M -96,7 M
Net Debt 2021 11 714 M 13 903 M 13 903 M
P/E ratio 2021 -286x
Yield 2021 0,12%
Capitalization 37 311 M 44 260 M 44 282 M
EV / Sales 2021 19,3x
EV / Sales 2022 14,9x
Nbr of Employees 2 008
Free-Float 87,6%
Duration : Period :
Cellnex Telecom, S.A. Technical Analysis Chart | MarketScreener
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Technical analysis trends CELLNEX TELECOM, S.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 25
Last Close Price 54,44 €
Average target price 62,23 €
Spread / Average Target 14,3%
EPS Revisions
Managers and Directors
Tobías Martínez-Gimeno Chief Executive Officer & Executive Director
José Manuel Aisa Mancho CFO & Director-Corporate Development
Bertrand Boudewijn Kan Non-Executive Chairman
Sergio Tórtola Pérez Operations Director
Pierre Blayau Independent Director
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