Could Inwit and Cellnex merge?
Site rationalisation and value creation could motivate the two towercos to join forces
In a recent analysis, RBC Capital Markets assessed the potential benefits of a consolidation between Cellnex and Inwit. Cellnex underwent an IPO earlier this year and is now is listed on the Madrid stock exchange with a market cap of around €3.5bn (at time of writing) while Inwit’s IPO is expected to commence over the next few days with an initial expected stock price between €3.50 and €3.65. In this article, TowerXchange reports key data and projections as released by RBC and draws its own conclusions on the possible merger between the two entities.
The Italian tower industry moves towards site rationalisation
In its report, “What’s Inwit for cellnex”, RBC Capital Markets stated that a merger between Cellnex and Inwit “could generate substantial additional value beyond an IPO, while a cellnex-Inwit combination would be accretive by over 20% to FCF per share.”