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Abertis to sell up to 61% of mobile unit Cellnex in IPO

Abertis to sell up to 61% of mobile unit Cellnex in IPO

Spanish infrastructure company Abertis has announced its intention to sell up to 61 percent of Cellnex Telecom, its recently rebranded telecoms subsidiary, to institutional investors only. In a statement to Spain’s market regulator CNMV, Abertis said it expected to sell an initial 55 percent stake in Cellnex, with a greenshoe option increasing that figure to a potential maximum of 61 percent. The company added that the spin off of its mobile unit was one of the key features of its 2015-2017 strategic plan and that the IPO would allow it to accelerate future growth plans in Spain and abroad. “We see significant growth potential from the outsourcing of telecommunications networks in Europe,” said Cellnex CEO Tobias Martinez in the statement.

Cellnex reported revenues of EUR 436 million in 2014 and recently announced the closure of its EUR 693 million acquisition of Galata, the mobile tower unit of Italian operator Wind. The purchase converted Cellnex into the largest independent European operator of mobile telephone and audiovisual broadcasting infrastructures, with a portfolio of over 15,000 sites, half in Italy and half in Spain.

The IPO is to take place in the first half of the year and is expected to raise up to EUR 1.7 billion, according to an unnamed bank source cited by Reuters, meaning that Cellnex would be worth up to EUR 2.8 billion.

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