Elia Group Rights issue for 1.35bn announced, 850m PIPE completed
This morning, Elia Group announced the launch of a rights offering to raise a maximum of EUR 1.35 bn through the issuance of up to 21,8m new ordinary shares at an issue price of EUR 61.88 per share. Elia also announced the closing of its EUR 850m private placement (announced 7/3) with 3 new cornerstone investors (Atlas, Blackstone, CPP) and Publi-T at the same price of 61.88. The rights issue has a 55% commitment including from the new cornerstone investors. In total, Elia will raise 2.2bn in both transactions. The primary purpose is to finance Elia's capex program to accelerate the energy transition. The proceeds will strengthen Elia Group's balance sheet and mainly support regulated investments in Belgium (1.05bn) and Germany (1.00bn), as well as partially finance WindGrid (0.15bn). KBCS acts as joint-bookrunner, we move our rating to Suspended till after the closing. The subscription period starts on 27/3 and ends on 3/4.Elia System Operator develops, operates and maintains very-high-voltage (380 kV, 220 kV and 150 kV) and high-voltage (70 kV, 36 kV and 30 kV) networks, providing its customers with consultancy and engineering services. Whether in Belgium, Germany or elsewhere in Europe or the U.S., Co. ensures that electricity flows reliably from energy producers to distributors and large corporate customers. Co.'s main activities include transmission operator, system operator and market facilitator, developing and maintaining grid infrastructure, connecting electrical installations to grids, providing transparent access to grids, while taking initiatives to improve electricity market operations.
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