Published by Global Banking & Finance Review®
Posted on April 13, 2026
2 min readLast updated: April 14, 2026
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Toronto‑listed Manulife Investment Management is reportedly in talks to acquire Cellnex’s 72% stake in its Swiss tower unit, following a failed sale attempt last year amid debt‑reduction efforts.
By Amy-Jo Crowley and Andres Gonzalez
LONDON, April 13 (Reuters) - Spain's Cellnex is in talks to sell its stake in its Swiss unit to Toronto-listed Manulife Financial Corporation's investment management unit, according to two sources with knowledge of the situation.
Manulife has been working with financial advisors on a possible deal, one of the sources said. The talks follow an attempt to sell the Swiss operations nL8N3TQ0PF last year, which CEO Marco Patuano told nL6N3ZZ0XV Reuters last month were halted due to bids falling below expectations.
• Cellnex owns a 72% stake in its Swiss unit, with the remaining 28% held by Swiss Life Asset Managers. Analysts at JPMorgan have valued nL8N3TQ0PF the whole Swiss unit at around 2 billion euros ($2.34 billion).
• The sources, who requested anonymity as the matter is confidential, cautioned a deal may not happen. Reuters could not determine whether Cellnex was holding talks with other bidders or whether Swiss Life also will sell its stake.
• Cellnex and Manulife declined to comment. Swiss Life Asset Managers did not immediately reply to request for comments.
• Following years of growing through acquisitions, rising interest rates had forced Cellnex to focus nL6N3ZZ0XV on selling assets to reduce debt. More recently Patuano said that the necessary asset sales had been completed.
• Last year Global Communications Infrastructure, which is backed by Manulife Investment Management, acquired a 50% stake in Sweden's Tele2 telecom infrastructure assets marking GCI's entrance into the European market.
($1 = 0.8547 euros)
(Reporting by Amy-Jo Crowley and Andres Gonzalez in London. Additional reporting by Elvira Pollina and Nivedita Balu. Editing by Anousha Sakoui and Karin Strohecker)
Manulife Investment Management is in talks to acquire Cellnex's stake in its Swiss unit.
Analysts at JPMorgan have valued the whole Swiss unit at around 2 billion euros ($2.34 billion).
After years of acquisitions, rising interest rates forced Cellnex to focus on selling assets to reduce debt.
Swiss Life Asset Managers holds the remaining 28% of Cellnex's Swiss unit.
Yes, Manulife-backed Global Communications Infrastructure acquired a 50% stake in Sweden's Tele2 telecom infrastructure assets last year.
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