CK Hutchison is taking hedging action this Monday through HSBC and JP Morgan to hold 3.6% of the share capital of Spanish Cellnex Telecom, specifically 25,568,495 shares, as reported by these two financial institutions to the stock market watchdog, CNMV. Is.
In their statement they inform that “they are making placements through an accelerated recruitment process among institutional investors and/or qualified investors as joint coordinators”, which they “regarding shares on the basis of derivative hedging operations”. do” the company subscribed by CK Hutchison”.
“The placement is being undertaken by CK Hutchison to manage the exposures of HSBC and JP Morgan under a derivative hedging transaction in respect of the Company’s shares.”
The Hong Kong-based group began managing 4.8% of the Spanish tower operator’s capital last Friday, positioning itself as the sixth reference shareholder, as operations between the two companies are decidedly planned to cease in the United Kingdom. Was.
All shares acquired by CK Hutchison are subject to a 12-month lock-up agreement until November 10, although there is a lock-up agreement that allows the performance of hedging operations with derivatives, informed HSBC and JP Morgan. Privileged information sent.
The definitive terms of the placement, including the price of the shares for sale, will be determined once acquired and will be made public through a related communication of privileged information.
Selnex announced last Friday the final closure of operations in the United Kingdom with CK Hutchison, which according to a preliminary agreement, now holds 4.8% of the Spanish listed company’s capital.
With the closing of this transaction, Cellnex comes to operate or receive interests and income from a total of 15,400 telecommunications towers in the United Kingdom.
The agreement with CK Hutchison, which was signed in November 2020 but was not definitively closed as of this Friday with the closure of operations in the United Kingdom, allows Selnex to expand from the group to Austria, Ireland, Denmark, Sweden has also led to the acquisition of telecommunications sites. and Italy.