Published by Global Banking & Finance Review®
Posted on April 24, 2025
3 min readLast updated: January 24, 2026
Cellnex CEO Marco Patuano states no further asset sales needed to maintain dividends and credit rating, focusing on share price improvement.
By Andres Gonzalez
LONDON (Reuters) -Spain's Cellnex, Europe's largest mobile phone tower operator, can maintain its investment grade credit rating and dividend payments without the need for additional asset sales, CEO Marco Patuano told Reuters.
Cellnex has been focused on cutting down debt through asset sales to get a rating upgrade a year ago.
After selling its business in Ireland, Austria and a stake in the Nordics, Cellnex is exploring the sale of its business in Switzerland. A deal could value the unit at 2 billion euros ($2.26 billion) including debt, according to JP Morgan analysts.
However, Patuano suggested Cellnex is not willing to sell at any price.
"It's not mandatory to sell. What is the price you're ready to pay? If the price is better than what I can do (…) ok," Patuano said in an interview on Wednesday.
Cellnex now faces the challenge of boosting its share price, which Patuano said should be higher, after three years of rationalizing its portfolio.
"It takes a little bit of time for the market to recognise that the work is solid and sustainable," he said. "It is difficult to ask your shareholders to be patient, but it is what we need," he added.
The company’s shares closed on Wednesday at 34.96 euros, far from the peak of over 60 euros it reached in 2021 but up from the lows of 27 euros in October 2023.
Patuano also dismissed the possibility of selling a stake in Celland, a real estate vehicle created by the company last year to purchase the land where its towers are located.
"Cellnex is not a salami we cut in slices," he said, adding that in two years, the committed investments will go down and Cellnex will get further financial flexibility.
"Celland is doing very well. The return on invested capital is extremely good. We don't need money just for the sake of money", added.
CONSOLIDATION WHEN MARKET SENTIMENT CHANGES European tower telecom market is more fragmented than its peers in the U.S. and it could lead to cross-border consolidation, Patuano said.
However, in order to happen, financial markets should be more supportive of large deals, he added.
"If you imagine a 20 billion euro or a 30 billion euro deal, not too easy to put together the equity," Patuano said.
The global trade war kicked off by U.S. President Donald Trump and the ensuing market turmoil soured bankers' predictions for a blockbuster 2025 for deals on Wall Street.
"In this moment, the market is a bit bearish, risk averse," he added.
($1 = 0.8838 euros)
(Reporting by Andres Gonzalez, editing by Anousha Sakoui and Marguerita Choy)
The main topic is Cellnex's strategy to maintain dividends and credit rating without further asset sales.
No, according to CEO Marco Patuano, further asset sales are not necessary at this time.
The Swiss unit could be valued at 2 billion euros, including debt.
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