May 29, 2024 11:32 GMT
Sources Report On Cellnex (BBB-/BBB-) Austrian Unit Bidders
COMMUNICATIONS
- BBG sources earlier reported that Tawal, GD Towers, and Phoenix Tower International are bidding for Cellnex Telecom’s Austrian mobile-phone towers reportedly valued at EUR ~800mn.
- The EUR 800mn figure has been reported before though Reuters reports from late last year cite a EUR 1.05bn enterprise value for the unit.
- Recent sales include Irish assets to Phoenix for EUR 971mn and a stake in Denmark/Sweden Sweden for EUR 730mn. Cellnex also seeks an investor for its Polish unit to develop infrastructure.
- Not a new story given management guided for non-binding offers to be submitted in May. The disposal is seen as a possible catalyst for an earlier shareholder payout though progress in the CEO’s strategy is still a positive.
- Cellnex curve streaming ~2bps tighter across much of the curve with their 1.25% 29s closer to 4bps tighter. Curve approaching ~50bps tighter YTD in places.
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