Tower operator Cellnex reportedly initiated a process to sell its majority stake in its Swiss operations for up to €2 billion, as part of a broader effort to focus on what it considers its core markets.
Sources told Bloomberg the Swiss unit has attracted preliminary interest from asset management company DigitalBridge Group and Phoenix Tower International. In addition, infrastructure investors and industry players including EQT AB, SBA Communications Corp and Stonepeak have also been solicited to participate in the bidding process.
To facilitate the sale, Cellnex is working with investment companies JPMorgan Chase & Co. and Societe Generale SA, with first-round bids expected by early May. Marketing materials for the proposed sale were reportedly sent out last week,
Deliberations remain at an early stage and prospective bidders could ultimately decide not to proceed with bids, the sources added.
Mobile World Live reached out to Cellnex, which declined to comment on the potential sale.
Strategic shift
Cellnex entered the Swiss market in 2017 after acquiring 2,339 towers from Sunrise Communications in a consortium alongside Swiss Life Holding AG and Deutsche Telekom Capital Partners. The Spanish tower operator currently owns 72 per cent of the Swiss unit, while the remaining stake is held by Swiss Life Asset Managers.
However, after years of aggressive growth driven by acquisitions across Europe, Cellnex seems to be shifting its strategy.
The proposed Swiss exit follows Cellnex’s move to divest its Austrian unit last year, selling the business to a consortium for €803 million. The Austrian business included 4,600 sites and was part of the company’s $10 billion acquisition of CK Hutchison’s tower assets across Europe in 2021.
At the time, CEO Marco Patuano described the Austrian sale as a step toward simplifying Cellnex’s corporate structure and refocusing efforts on high-priority markets.