Telefonica’s €3bn rights issue to help fund its US$9.3bn acquisition of Brazilian broadband provider GVT has been fully subscribed to.
In a statement, the Madrid-based telco said the offering, launched on 26 March, was more than three times…
Telefonica’s €3bn rights issue to help fund its US$9.3bn acquisition of Brazilian broadband provider GVT has been fully subscribed to.
In a statement, the Madrid-based telco said the offering, launched on 26 March, was more than three times oversubscribed.
The capital increase was executed after Brazilian antitrust regulator Cade cleared the takeover, imposing a number of remedies to address competition concerns.
UBS, Morgan Stanley and JP Morgan were reported to be the lead banks on the transaction. Significant roles were also played by BofA Merrill Lynch, Barclays, HSBC, CaixaBank and Santander.
Telefonica announced its plans for a rights issue at the end of February as part of the cash-and-stock consideration.
