Cellnex Plans Record-Breaking Share Sale to Fuel M&A Drive (1)

Cellnex Telecom SA plans to raise as much as 7 billion euros ($8.23 billion) in Spain’s biggest ever capital increase by a non-financial company, fueling an acquisition drive that shows no sign of slowing.

The proceeds will fund deals including the recent purchase of French telecommunication towers from Altice Europe NV. Cellnex is also looking for other targets and may spend a further 9 billion euros over the next 18 months.

The wireless tower company will offer 193 million shares to existing shareholders for 36.33 euros each, 17% discount to the estimated price after the rights issue. Cellnex slipped 0.3% ...