Spanish infrastructure group Abertis has priced the upcoming IPO of its tower unit Cellnex Telecom at €14 per share, valuing the company at €3.24bn.
On Thursday, Cellnex will list up to 66% of its shares on the Madrid stock exchange, should the…
Spanish infrastructure group Abertis has priced the upcoming IPO of its tower unit Cellnex Telecom at €14 per share, valuing the company at €3.24bn.
On Thursday, Cellnex will list up to 66% of its shares on the Madrid stock exchange, should the 10% greenshoe option be fully exercised.
The towerco upsized the offering from an initial 55%, following increased demand from investors, it said in a statement.
“We are very pleased that Cellnex Telecom’s shares are priced near the top of the range, this is a clear reflection of the great interest shown by investors towards the growth and internationalization project of Cellnex Telecom,” said Cellnex chairman Francisco Reynes.
The listing is aimed at capturing organic and M&A growth opportunities in the European telecom infrastructure market, facilitating access to capital markets and new financing channels, Abertis said.
Morgan Stanley, Goldman Sachs and CaixaBank are acting as joint global coordinators on the offering.Banco Santander, BNP Paribas, Citigroup and Societe Generale are serving as joint bookrunners. BBVA and BTG Pactual are co-lead managers.
Having acquired 7,377 towers from Italian mobile operator Wind Telecomunicazioni in early March, Cellnex Telecom owns and operates 15,170 sites, of which 7,472 are located in Spain and 7,698 in Italy. It posted €436m in 2014 revenues, with a €178m EBITDA.
