Cellnex, the Spanish tower operator, has announced the sale of a 49% stake in its Nordics division to private equity fund Stonepeak for €730m. The move is part of Chief Executive Marco Patuano’s plan to return the company to investment grade and focus on organic growth and efficiency. Despite only making a small dent in Cellnex’s net debt of €20bn, investors have responded positively, with shares rising 4% on Friday, adding €1bn to the company’s market capitalisation. The sale of minority stakes to private equity players is a common strategy for tower operators looking to raise cash while retaining control of strategic assets. If Patuano is successful in finding further buyers for the company’s assets, Cellnex could soon achieve investment grade status.
More detail via Reuters here… ( Image via Reuters )