Less than two weeks after the resignation of long serving CEO Tobias Martinez, rumors began circulating on Friday that American Tower and Brookfield were preparing for a takeover bid of Europe’s largest tower company.
Cellnex’s stock price jumped 10% before the weekend following reports from Spanish outlet Okdiario that both Goldman Sachs and Morgan Stanley were advising the towerco on a deal that could be worth up to 50billion euros. While Okdiaro does not have the best track record on reporting such news, Cellnex’s new focus on refinancing coupled with private equity and pension funds significant appetite for tower assets means it would not be unlikely for the company to attract some level of interest.