Abertis to spin off telecoms arm

07 April 2015 |

Spanish infrastructure firm Abertis will spin off its telecoms business into a publicly listed company with a value of €4 billion, The Financial Times reports.

Abertis is allegedly selling a 55% stake in its telecoms infrastructure unit, Cellnex Telecom, as part of its strategy for growth via the acquisition of European mobile telecoms towers.

Cellnex Telecom will become the leading independent European operator of mobile telecoms infrastructure in terms of tower numbers; owning and operating 15,170 sites across the region.

“Looking ahead, we are seeing significant potential for growth in telecoms site outsourcing in Europe with very favourable underlying market dynamics,” said Tobias Martinez, Cellnex Telecom CEO.

A number of institutional investors are reportedly set to acquire stakes from Abertis.

Tower companies like Cellnex are still relatively new to the European market, with more established companies such as American Tower and Helios Towers making way in the US and Africa, respectively.