Davis Polk advised Telefónica, S.A. in connection with an SEC-registered underwritten rights offering of 281,213,184 ordinary shares. The offering raised gross proceeds of approximately €3.0 billion.  

Telefónica is a diversified telecommunications group that provides a comprehensive range of services through one of the world’s largest and most modern telecommunications networks. Telefónica is one of the world’s leading mobile and fixed communications service providers and is focused principally in Europe and Latin America.  

The Davis Polk corporate team included partners Andrés V. Gil and Michael J. Willisch and associates Ester del Valle Izquierdo, Marcus K. Hintze and Thomas K. Wiesner II. Partner Raul F. Yanes and counsel Jeanine P. McGuinness provided compliance advice. Associate Jake H. Wang provided 1940 Act advice. Partner John D. Paton and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in Madrid, New York, Washington DC and London offices.  

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