Morgan Stanley has turned an advisory mandate from Electricidade de Portugal into a lead role in the electricity group's €1.2bn ($1.4bn) rights issue, the bank's first equity capital markets deal for the Portuguese firm.

Electricidade de Portugal is increasing its stake in Hidroeléctrica del Cantábrico the Spanish energy company, by 56% to 95.7% by purchasing an additional €1.2bn stake from four shareholders. The rights issue is financing the acquisition.

Morgan Stanley muscles into Portuguese rights issue

Shanny Basar

Morgan Stanley

Electricidade de Portugal

Energie Baden-Württemberg

JP Morgan

Goldman Sachs

Banco Portugues de Investimento

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