Davis Polk Advises Cellnex Telecom, S.A. on Its €2.5 Billion Equity Offering
Davis Polk advised Cellnex Telecom, S.A. as to U.S. law in connection with its offering of 86,653,476 new ordinary shares pursuant to a public rights offering in Spain and private placements to institutional investors outside Spain, including in the United States. The offering raised gross proceeds of approximately €2.5 billion. Cellnex intends to use the net proceeds of the offering primarily to expand its existing portfolio of infrastructures in a way consistent with Cellnex’s current strategy of growth through acquisitions.
Cellnex is Europe's leading operator of wireless telecommunications and broadcasting infrastructures with a projected portfolio of 53,000 sites including forecast roll-outs up to 2027. Cellnex operates in Spain, Italy, Netherlands, France, Switzerland, the United Kingdom and Ireland. Cellnex's business is structured in four major areas: telecommunications infrastructure services, audiovisual broadcasting networks, security and emergency service networks and solutions for smart urban infrastructure and services management (smart cities and the “Internet of Things” (IoT)).
The Davis Polk corporate team included partner Michael J. Willisch, counsel Ester del Valle Izquierdo and associate Jose Lucena-Rebollo. Counsel Alon Gurfinkel and associates Omer Harel and M. Jared Sanders provided tax advice. Associate Amy L. Larsen provided 1940 Act advice. Members of the Davis Polk team are based in the Madrid, London and New York offices.