Tele Columbus launches capital increase

German cable operator Tele Columbus has launched a rights issue to help finance the acquisition of smaller operators PrimaCom and Pepcom as its seeks to secure its place among the consolidator players in the market.

Tele Columbus is offering shares at a discount of about 33.1% on theoretical ex-rights price, based on Friday’s closing price. It expects to receive gross proceeds of about €382.7 million from the issue.

The subscription period is expected to begin on October 21 and to conclude on November 3.