White & Case Advises Telekom Austria on €1 Billion Capital Increase
Global law firm White & Case LLP has advised Telekom Austria Group on its €1 billion capital increase.
During the capital increase, free float investors subscribed to 25.5 million new shares each priced at €4.57. Combined with the obligations of core shareholders América Móvil (including Carso Telecom) and Österreichische Energieholding AG, participation was approximately 99.7 percent. This high level of take up during the subscription period means there is no need for a further, so-called 'rump' placement of shares. Trading in the new shares on the Vienna stock exchange started on November 27, 2014.
Telekom Austria intends using the new capital structure to satisfy the requirements for maintaining a Standard & Poor credit rating of at least BBB.
The White & Case team in Frankfurt which advised on the deal included partners Gernot Wagner and Dr. Benedikt Gillessen, local partners Rebecca Emory and Vanessa Schürmann and associate Britt Remmers.
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