The potential divestment marks another step in Cellnex CEO Marco Patuano’s strategy around shifting from expansion to consolidation
Spanish tower operator Cellnex is reportedly preparing to sell its majority stake in its Swiss operations, with expectations that the deal could fetch up to €2 billion ($2.1 billion). The move is part of a broader strategy to streamline its portfolio and focus on core European markets, following several years of aggressive expansion through acquisitions.
Sources cited by Bloomberg and Expansión say Cellnex has hired JPMorgan Chase & Co. and Societe Generale SA to advise on the potential sale. Marketing materials were reportedly distributed last week, with first-round bids expected by early May. Interested parties include infrastructure investors and tower operators such as DigitalBridge Group, Phoenix Tower International, EQT AB, SBA Communications Corp and Stonepeak. However, discussions are still in early stages, and some bidders may opt out.
Cellnex currently owns a 72% stake in its Swiss unit, with the remaining 28% held by Swiss Life Asset Managers. The Swiss business operates around 6,000 radio sites nationwide, covering both urban and rural areas. Cellnex first entered the Swiss market in 2017, acquiring 2,339 towers from Sunrise Communications as part of a consortium with Swiss Life and Deutsche Telekom Capital Partners.
This potential divestment marks another step in Cellnex’s evolving strategy under CEO Marco Patuano, who has signaled a shift from expansion to consolidation. The company is focusing on simplifying its corporate structure and honing in on high-priority markets.
Over the past year or so, Cellnex has made several strategic sales. In March 2024, it agreed to sell its Irish unit to Phoenix Tower International for €971 million ($993 million), a deal currently under regulatory review. It also offloaded its Austrian operations — which included 4,600 sites — to a consortium led by Vauban Infrastructure Partners, EDF Invest and MEAG for €803 million ($821 million). Cellnex also sold a 49% stake in its Sweden and Denmark operations to Stonepeak for €730 million ($746 million) in 2023.
In addition, Cellnex is reportedly exploring the sale of its Polish business and French data center assets. On its website, the company claims to have more than 100 Edge data centers across France operated through its NexLoop unit.
Today, Cellnex manages a portfolio of around 130,000 sites, including planned deployments through 2030, across 12 European countries. As the company moves to streamline operations and reduce debt, further asset sales may be on the horizon.
