American Tower and Brookfield thought to be considering a bid
Reuters’ report that Spain’s Cellnex could be the target of a takeover by competitor American Tower and asset manager Brookfield, sent its shares up more than 8%.
It cited a Spanish website, Okdiario, which quoted unnamed sources that said Goldman Sachs is advising Cellnex and Morgan Stanley working with the other two.
Prior to the report, Cellnex’s share price had fallen almost 40% over the last year as the number of tower assets left to acquire in Europe fell and rising inflation made debt-leveraged takeovers more expensive.
Eariler this month CEO Tobias Martinez (pictured), the architect of the company’s huge expansion in recent years, said he would step down as the company entered a new phase of consolidation and debt reduction.
Cellnex is the biggest towerco in Europe with more than 100,000 sites across 12 countries.