|Bid||37.15 x 0|
|Ask||0.00 x 0|
|Day's range||0.00 - 0.00|
|Beta (5Y monthly)||0.55|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||0.05 (0.13%)|
|Ex-dividend date||15 Jun 2022|
|1y target est||N/A|
BARCELONA (Reuters) -Europe's largest mobile phone tower operator Cellnex said on Friday it picked Marco Patuano, its former chairman and a Telecom Italia (TIM) veteran, as the new chief executive, capping weeks of board tensions over the succession process. Outgoing CEO Tobias Martinez announced in January he would step down in June after eight years in the job at the Spanish company. Italian executive Patuano will start the three-year term on June 4 after his designation is approved by shareholders at an annual meeting on June 1, Cellnex said in a statement.
BARCELONA (Reuters) -Spain's Cellnex said on Thursday it could designate a new chief executive in "a few days", completing a search which prompted resignations from the board of Europe's largest mobile phone tower operator. The announcement came as Cellnex unveiled first-quarter results, with core earnings rising and net loss narrowing from a year ago, and said it was on track towards its 2025 outlook. CEO Tobias Martinez, who plans to step down in June following an annual shareholder meeting, said he expected his successor's appointment to be part of the agenda, and the designation process to be "a question of a few days".
Spain's Cellnex on Wednesday said it gave a board seat to activist hedge fund TCI, the mobile phone tower operator's largest shareholder, which has pressured the company's top management leading to the resignation of two independent members this month. Internal turmoil has marred Europe's largest mobile phone tower operator after TCI in March sought to remove its chair and two board members, arguing the board had mishandled the search for a new CEO, resulting in insufficient progress. TCI requested in March that its representative Jonathan Amouyal join the board, which Cellnex's board approved on Wednesday, a day before announcing its first-quarter results.
Spain's Cellnex is close to hiring an adviser to help tackle demands made by hedge fund TCI, which has urged the company to reshuffle its board, sources with knowledge of the discussions told Reuters. BNP Paribas SA, Goldman Sachs Group Inc. and JPMorgan Chase & Co., which have advised the company in the past, are contenders for the role, the people said, requesting anonymity given the sensitivity of the matter. A final decision has not been taken and Cellnex could still choose not to hire an adviser, the sources added.
Hedge fund manager Christopher Hohn on Thursday wrote to Cellnex demanding Europe's largest mobile phone tower operator remove its chairman and two other board members, and said the search for a new chief executive has been mishandled. Hohn, who runs hedge fund TCI Fund Management, owns 3.1% of Cellnex's shares and 5.9% in derivatives, corporate records show.
BARCELONA (Reuters) -Cellnex, Europe's largest mobile phone tower operator, expects to make a net profit in three or four years as the company shifts its focus away from expanding via acquisitions towards cutting debt. Chief Executive Tobias Martinez said the loss narrowed in 2022 - from 363 million euros in 2021 - due to the slower expansion rate and that the trend should continue in the subsequent years as the company focuses on the countries where it is already present. After borrowing heavily to build the largest cellphone mast network in Europe, mainly through acquisitions, Barcelona-based Cellnex in November shifted its strategy in a rising interest rate environment towards getting a credit rating upgrade.
MADRID (Reuters) -Spanish phone tower operator Cellnex said on Wednesday its chief executive Tobias Martinez Gimeno has resigned after the company announced in November a strategy shift away from acquisitions to focus on lowering debt. After borrowing heavily to build the largest cellphone mast network in Europe, mainly through acquisitions, Barcelona-based Cellnex said in November it had adopted a "more conservative financial risk profile" in a higher interest rate environment. Cellnex said then its near-term priority was to get a credit rating upgrade from S&P rather than seek further expansion.
The European mobile towers market is "pretty much closed" as rising inflation makes it harder for companies to finance new deals and the availability of assets declines, the chief executive of Cellnex told the Financial Times. Negative interest rates over the past few years meant that "money was almost free", added the CEO of Cellnex, Europe's largest mobile phone tower operator, allowing the company to buy up 130,000 towers across 12 countries. When interest rates were low and debt was cheap, mobile towers were among the most attractive assets in telecoms.
Spanish phone tower operator Cellnex said on Friday its near-term priority is to get a credit rating upgrade from S&P rather than seek further expansion as it adopts a "more conservative financial risk profile". After borrowing to build the largest cellphone mast network in Europe, mainly through acquisitions, Barcelona-based Cellnex is focused on its debt in a higher interest rate environment. It expects to obtain this upgrade within 12 to 24 months, which should help it access a larger market with competitive rates, Chief Financial Officer Jose Manuel Aisa told analysts.
(Bloomberg) -- KKR & Co. is seen as the party to beat as it competes with Cellnex Telecom SA in the final race for a stake in Vodafone Group Plc’s towers unit, people with knowledge of the matter said. Most Read from BloombergTwitter Now Asks Some Fired Workers to Please Come BackElon Musk Tells Twitter Followers to Vote for a Republican CongressEvelyn De Rothschild, London Head of Banking Dynasty, Dies at 91CZ's Binance to Buy Rival FTX After Sam Bankman-Fried Faces Liquidity CrunchElon Musk Wa
Some of the interested parties may decide to form consortiums and other suitors could also emerge, the report said, adding Vodafone expects bids to be made as soon as next week and may announce a new partner for Vantage next month. Vodafone, which listed Vantage Towers AG in Frankfurt in March 2021 and still owns 81% of the business, has been reluctant to engage in talks with financial investors as it seeks to clinch an industry merger for the company, Reuters had reported in March.
Spain's Cellnex said on Thursday it would consolidate and expand in its 12 existing European markets after a failed bid for Deutsche Telekom's (DT) towers business. The 51% stake was clinched by Brookfield and DigitalBridge in a deal that valued the business at 17.5 billion euros ($17.9 billion). The deal would have allowed Cellnex to enter Germany.
LONDON/MADRID (Reuters) -Spain's Cellnex said on Wednesday it was withdrawing its offer for a stake in Deutsche Telekom's towers business, paving the way for a competing bid from a consortium led by KKR to secure the estimated 18 billion euro ($18.02 billion) deal. The sale process, which kicked off in March, has seen strategic bidders and infrastructure funds compete for a stake in the masts unit known as Deutsche Funkturm GmbH (DFMG). Spain's Cellnex offered Deutsche Telekom a small stake in its business as part of a binding offer which was backed by Canada's Brookfield Asset Management.
LONDON (Reuters) -Spain's Cellnex has offered Deutsche Telekom a small stake in its business as part of efforts to take control of the German firm's towers unit in a deal worth about 18 billion euros ($18.8 billion), sources told Reuters. Cellnex, Europe's largest mobile phone tower operator, recently submitted a binding offer for Deutsche Funkturm GmbH (DFMG), Deutsche Telekom's towers business, four sources close to the matter said on condition of anonymity. The bid plan, backed by Canada's Brookfield Asset Management, would also allow Deutsche Telekom to retain a minority stake in DFMG, one of the sources said.