New Chair says Cellnex not giving up on growth through acquisitions, but not in short term


Banc Sabadell | In an interview granted by Anne Bouverout (current Chair of Cellnex (CLNX), after the departure of Bertrand Kan as a result of the intervention of TCI) the executive has issued the following messages concerning the Company:

▪ She considers that Cellnex is not vulnerable to a takeover bid and that if there has ever been such a perception it was the result of the uncertainty derived from the CEO replacement process and the sharp fall in the stock market,

▪ Highlights the unity of the board and the unanimity of the board in the election of Marco Patuano as the new CEO,

▪ Reiterates the focus on the strategy of achieving Investment Grade, reducing financial cost and increasing shareholder return, and finally,

▪ Clarifies that this strategy does not imply renouncing growth via acquisitions although not in the short term. She sees the Company once again as a consolidator in the sector in four or five years’ time once the assets now in the hands of private equity return to the market.


Unsurprising messages that should have no market impact. In relation to the Company’s vulnerability, the probability of this occurring (there was even talk of a possible interest from American Tower in acquiring more assets in Europe) will depend to a large extent on the level of Cellnex’s share price and the evolution of financing costs. It should be recalled that the main shareholders are TCI (9.4%) and Edizione (8.2%) and that ~42% of the capital is in the hands of shareholders with relevant stakes (although mostly of a financial nature), the rest being free float.

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