As part of a strategic shift, Spanish tower operator Cellnex is considering selling its majority stake in its Swiss operations, anticipating a valuation of up to €2 billion ($2.1 billion). This decision aligns with Cellnex’s current focus on streamlining its portfolio, concentrating on its core European markets after years of aggressive expansion through acquisitions.
According to sources from Bloomberg and Expansión, Cellnex has enlisted JPMorgan Chase & Co. and Société Générale SA to advise on this potential sale. The preparation phase is well underway, with marketing materials reportedly sent out to potential buyers and initial bid submissions expected by early May. Several infrastructure investors and tower operators have expressed interest, including DigitalBridge Group, Phoenix Tower International, EQT AB, SBA Communications Corp, and Stonepeak. Nevertheless, these discussions remain in the initial stages, and some parties may choose to withdraw.
Currently, Cellnex, holds a 72% stake in its Swiss business, which operates approximately 6,000 radio sites across Switzerland, both in urban and rural settings. Swiss Life Asset Managers owns the remaining 28% stake. Cellnex entered the Swiss market in 2017 through an acquisition deal with Sunrise Communications, alongside Swiss Life and Deutsche Telekom Capital Partners.
Under the leadership of CEO Marco Patuano, this divestment represents a continuation of Cellnex’s strategic transition from expansion to consolidation. Earlier, Cellnex sold its Irish unit to Phoenix Tower International for €971 million ($993 million) and its Austrian operations for €803 million ($821 million) to a consortium led by Vauban Infrastructure Partners, EDF Invest, and MEAG. In 2023, Cellnex also sold a 49% stake in its Swedish and Danish units to Stonepeak for €730 million ($746 million).
Further potential sales are on the table too, specifically targeting its Polish business and French data center assets. The company’s website indicates that Cellnex operates more than 100 Edge data centers in France under its NexLoop unit.
Overall, Cellnex manages a broad portfolio of around 130,000 sites, inclusive of future deployments planned until 2030, across 12 European countries. As the company works on refining its operations and reducing its debt, additional asset sales seem likely, paving the way for a more focused and streamlined business model.