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7 months ago

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Breakingviews - Cellnex's Nordic towers sale is a good omen

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Breakingviews - Cellnex's Nordic towers sale is a good omen

Marco Patuano is starting with a small but firm step. The Italian-born chief executive of 24 billion euro Spanish tower operator Cellnex announced on Friday the sale of 49% of the group's Nordics division to private equity fund Stonepeak for 730 million euros. This will only make a small dent in the group's large net debt pile - which stood at 20 billion euros, or 6.3 times next year's EBITDA after leases, as per JPMorgan estimates.

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Breakingviews - Cellnex's Nordic towers sale is a good omen

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