Cellnex has acquired the telecommunications division of British Arquiva for two billion pounds, equal to 2,2 billion euros. This was announced on Tuesday by the Spanish group of telecommunications infrastructures, specifying that at the same time a maxi capital increase (already subscribed) of 2,5 billion euros was approved. Cellnex is controlled by Benetton family, which holds 29,9% through ConnecT, a vehicle company in turn controlled by Edizione through Sintonia.
In detail, Cellnex has purchased 7.400 sites and the right to sell 900 sites throughout Great Britain. The closing of the operation - subject to the authorizations of the competition authorities - should arrive in the second half of 2020. With this operation the company will reach a total of around 53 offices in the 7 European markets in which it operates.
For the capital increase, the subscription will take place at a price of 28,85 euros for each new share with a discount of 19,6% based on the closing price of the shares on 7 October at 37,91 euros. The operation has already obtained the green light from the board of directors.
Indeed, the recapitalization will also be used to implement other projects in the portfolio, while the financing of the acquisition will mainly be covered by the combination of a £XNUMX billion syndicated loan and cash on hand.
In the wake of the news, mid-morning the share of Cellnex gains 2,6% on the Madrid Stock Exchange, after reaching +3%.
