Cellnex Is Said to Kick Off €2 Billion Sale of Switzerland Unit

(Bloomberg) — Cellnex Telecom SA has kicked off a sale of its majority stake in its Swiss business, which could fetch as much as €2 billion ($2.2 billion), according to people with knowledge of the matter.

Cellnex is working with JPMorgan Chase & Co. and Societe Generale SA on the potential sale, the people said, asking not to be identified as information is private. Marketing materials were sent out last week, they said.

DigitalBridge Group and Phoenix Tower International have shown preliminary interest in the asset, according to the people. Infrastructure investors and industry players including EQT AB, SBA Communications Corp. and Stonepeak have also been invited, said the people. First-round bids are expected by early May, the people said. 

Deliberations are at an early stage and prospective suitors could decide not to proceed with bids, the people said. Representatives for Cellnex, DigitalBridge, EQT, JPMorgan, Societe Generale and Stonepeak declined to comment, while representatives for SBA and Phoenix didn’t respond to requests for comment.

Cellnex is one of Europe’s largest operators of wireless telecommunications infrastructure with a presence in 10 countries. The company has been selling assets and cutting debt after years of growth fueled by robust acquisitions. It sold its Austrian business for about €800 million last year.

The company entered the Swiss market in 2017 after reaching a deal with Sunrise Communications to acquire 2,339 towers in a consortium alongside Swiss Life Holding AG and Deutsche Telekom Capital Partners. Cellnex currently owns 72% in the Swiss unit, while the remainder is owned by Swiss Life Asset Managers.

–With assistance from Clara Hernanz Lizarraga and Swetha Gopinath.

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