EQT, Omers, Phoenix Eye Final Bids for Cellnex Swiss Business

(Bloomberg) — EQT AB, Omers Administration Corp. and Phoenix Tower International are considering final bids for Cellnex Telecom SA’s majority stake in its Swiss business, which could fetch as much as €2 billion ($2.3 billion), people with knowledge of the matter said. 

Suitors are expected to lodge binding offers by the end of next week, according to people, who asked not to be identified as the information is private. 

Cellnex is one of Europe’s largest operators of wireless telecommunications infrastructure with a presence in 10 countries. It 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 has been selling assets and cutting debt after years of growth fueled by robust acquisitions. It currently owns 72% in the Swiss unit, while the remainder is owned by Swiss Life Asset Managers. Cellnex has been working with JPMorgan Chase & Co. and Societe Generale SA on the potential sale of the Swiss business, Bloomberg News previously reported. 

Deliberations are ongoing and the suitors could still decide against any offers, the people said. Representatives for Cellnex, EQT, Omers and Phoenix Tower declined to comment.

Stockholm-based EQT has been active in acquiring digital infrastructure assets including Radius, an owner of wireless tower sites, and data center services provider GlobalConnect. 

Boca Raton, Florida-based Phoenix Tower has built a substantial presence across the US, Latin America, the Caribbean, and Europe, its website shows. Its investors include Blackstone Inc., BlackRock Inc., Grain Management, Wren House and USS.

Omers, which managed about $138 billion of assets as of the end of 2024, has about 17% of its investment in Europe. Infrastructure accounts for around 23% of its portfolio.

–With assistance from Clara Hernanz Lizarraga and Paula Sambo.

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