Spain: Telefónica’s capital expansion continues

Spanish Telecomm giant Telefónica has revealed plans to divest new stock options next week as part of their plan to raise up to 3.04 billion euros in an ongoing capital expansion. Telefónica’s stock value fell close to 6.5% during early offerings.

The company plans to release stock worth up to 6% of their capital value, selling at a nominal value of 1 euro per share. Stock certificates will be valued at 10.84 euros, or 16 shares.

Telefónica struck a deal last September through which it acquired French rival GVT, transferring it to its Brazilian affiliate soon after. A planned capital expansion in their Brazilian market will aid in funding this merger. Telefónica will then seek to transfer all remaining ownership of GVT to their South American branch.

The company’s strategy has been approved by both the Spanish and Brazilian authorities, allowing Telefónica to strengthen their operations in the strategically important Brazilian market.

Full content: Hera Noticias

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.