M&A in European communications infrastructure: multiples, opportunities and longevity
A panel of experts addresses the value in European towers
At TowerXchange Meetup Europe 2019, we brought together M&A experts Jonathan Dann, MD at Greenhill & Co, Kevin Smithen, MD at Digital Colony and Paolo Crochetti, Head of Institutional Affairs at EI Towers. Although their remit was to discuss M&A in Europe, the panel all felt they needed to address the state of the market and the valuation of European towers to contextualise the conversation, resulting in a wide ranging conversation between highly commercial leaders in the industry.
Building and assessing value in European towers
Although towers look very similar on a spreadsheet, investors want assets with growing cashflows, and the believability of forecasts can start to be questioned, particularly in some European markets, where there are more neutral host operators than tenants.