Alantra has acted as Co-Lead Manager on Merlin Properties’ successful €768mn capital increase through an accelerated bookbuild without preferential subscription rights, executed at €13.64 per share.
The transaction, representing c.10% of Merlin’s share capital, was completed with no discount to the last closing price, reflecting strong demand from institutional investors. Core shareholders Banco Santander and Nortia subscribed for a significant portion of the offering, maintaining their respective stakes.
Proceeds from the capital increase will be used to fund Merlin’s Data Centres Phase III plan, which targets 412MW of IT capacity across Bilbao, Lisbon, and Zaragoza, increasing the company’s total data center capacity to 730MW. Phase III represents a total capex of €4.47bn, with €1bn expected to be committed by 2027 and the remaining investment phased through 2028–2030.
Andre Pereira-Ambrosio, Partner and Head of ECM Iberia at Alantra Equities, said: “It has been a pleasure to support Merlin in this important step in its growth strategy. The transaction highlights the company’s strong positioning and long-standing relationship with capital markets, as well as the high level of investor appetite for high-quality growth stories such as Merlin.”
This transaction underscores Alantra’s momentum in advising on high-profile Equity Capital Markets transactions, having recently acted as Joint Bookrunner in Neinor Homes’ €140mn capital increase, Co-Lead Manager in Neinor Homes’ €230mn capital increase, and Joint Bookrunner for the accelerated bookbuild for Izertis.
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