Spanish telecom tower company Cellnex is reportedly contemplating the sale of its Swiss tower business. According to sources cited by the Spanish newspaper Expansion, the company has engaged U.S. investment bank JP Morgan to advise on the sale. This could potentially value the business at €1.5 billion, with Cellnex’s 72% stake at approximately €1.1 billion. The remaining 28% is owned by Swiss Life Asset Managers.
This Swiss subsidiary runs around 6,000 mobile tower sites, making it a prominent player in the country. The proposed sale comes after significant structural changes within Cellnex. Following a series of mergers and acquisitions, the company’s debt peaked at €17.2 billion. Since 2022, Cellnex has been offloading various non-core business units. The aim is to concentrate on essential markets and streamline its operations.
In line with this strategy, Cellnex sold its Irish unit to Phoenix Tower International for €1 billion in March last year. The company had operated in Ireland since 2019, and the sale is set to conclude soon. CEO Marco Patuano described this as “one further step within the company’s ‘Next Chapter’,” emphasizing the importance of simplifying the corporate structure and focusing on growth opportunities in key markets.
Additionally, Cellnex has launched a share buyback program up to €800 million. The initiative leverages current share prices and aims to reduce share capital by canceling the repurchased shares. This program is subject to approval by the General Shareholders’ Meeting. The company asserted the goal of benefiting from the current share price levels.
