Spanish mobile phone mast operator Cellnex on Tuesday launched a 7 billion euro ($8.23 billion) capital hike valued at 36.33 euros per share to fund the acquisition of French telecoms company Hivory.

Since its listing in 2015, the Barcelona-based firm, which currently has a market capitalisation of 23.9 billion euros, has grown rapidly to become Europe’s largest mobile phone towers operator, buying up assets which are attractive to investors because of their steady cash flows.

Cellnex said last month it plans to spend an additional 9 billion euros by 2025 to add more assets to its portfolio.

Read more at Reuters

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