We advised Cellnex on a public rights offering in Spain and private placements to institutional investors outside Spain

Davis Polk advised Cellnex Telecom, S.A. as to U.S. law in connection with its offering of 192,619,055 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 €7 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 more than 128,000 sites, of which approximately 71,000 are already in operation. Cellnex operates in Spain, Italy, the Netherlands, France, Switzerland, the United Kingdom, Ireland, Portugal, Austria, Denmark, Sweden and Poland.

The Davis Polk corporate team included partner Michael J. Willisch and associate Paula Querol. Counsel Alon Gurfinkel and associates Omer Harel and Veronica Davis provided tax advice. Associate Sijia Cai provided 1940 Act advice. Members of the Davis Polk team are based in the Madrid, London and New York offices

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