The rumor has been confirmed. Cellnex has announced a capital increase of 4 billion euros, 18.5% of its current market cap, which will put into circulation 101.4 million shares, which means 26.3% of the current shares at an issue price of 39.45 euros. The purpose of the capital hike is to finance the group’s expansion via acquisitions. According to the company’s press release, it is looking at assets worth up to 11 billion euros to invest in within the next 18 months.

Cellnex buys 100% of Portuguese company NOS’ tower operator. The transaction involves nearly 2,000 sites, with an initial investment of around 375 million euros. But Cellnex has agreed to earmark a further 175 million euros to expand the perimeter by up to 400 more towers over a period of 6 years.

CdM | Today CELLNEX presented its 2019 results, with a 40% reduction of its losses, reported at 9 million euros. CELLNEX increased its revenue to more than 1 billion (EUR 1.035 billion), which is a 15% year-on-year improvement.

Cellnex has reached an agreement with El Corte Inglés to acquire the exploitation rights for over 400 phone antennas installed by the Spanish distribution group on the roofs of more than a 100 of its centres. The final price is close to 70 million euros, which could be increased if certain financial objectives are met.

Cellnex has reached an agreement with Orange Spain to acquire a portfolio of 1,500 telecommunications sites, which means 11% of the current Cellnex portfolio in Spain, and 4% of the total portfolio of towers and antennas located in urban, suburban and rural areas. The operation involves an overall investment of € 260 M. The acquisition will be financed through available cash.