Manulife in Talks to Buy Cellnex Swiss Infrastructure
Manulife is in talks to buy Cellnex's 72% stake in its Swiss unit. The deal could value the business at 2 billion euros as Cellnex aims to reduce its debt.
CELLNEX TELECOM SA is in talks to sell its stake in its Swiss business to the investment management unit of MANULIFE FINANCIAL CORP. According to sources familiar with the matter, the financial group, based in Canada, has been working with advisors on the potential transaction. The telecommunications infrastructure provider, which is headquartered in Spain, currently holds a 72% stake in the unit, while the remaining 28% interest is held by SWISS LIFE HOLDING AG-REG. Analysts at JPMorgan have valued the entire Swiss operation, located in Switzerland, at approximately 2 billion euros ($2.34 billion).
The discussions follow a previous attempt to divest the Swiss assets last year, which was halted after bids failed to meet internal expectations. Under the leadership of CEO Marco Patuano, the company has prioritized asset sales to reduce debt levels following years of aggressive acquisition-led growth. While the company recently suggested that necessary sales had been completed, this new development indicates a continued focus on optimizing its portfolio and strengthening its balance sheet.
