EQT AB, Omers Administration, and Phoenix Tower International are among the frontrunners preparing final bids for Cellnex Telecom SA’s majority stake in its Swiss operations, with the deal expected to command a price in the region of €2bn ($2.3bn), according to a report by Bloomberg.
Binding offers are anticipated by the end of next week, according to insiders who requested anonymity due to the confidential nature of the process.
Cellnex, one of Europe’s leading wireless telecommunications infrastructure operators, entered the Swiss market in 2017 through a consortium deal with Sunrise Communications, Swiss Life Holding AG, and Deutsche Telekom Capital Partners, acquiring 2,339 towers. The group currently holds a 72% stake in the Swiss business, with Swiss Life Asset Managers owning the remainder.
In recent years, Cellnex has been strategically divesting assets and reducing debt following an aggressive growth phase driven by acquisitions. The company has enlisted JPMorgan Chase and Société Générale to advise on the potential sale, Bloomberg previously reported.
While discussions remain ongoing, sources caution that bidders may still decide against submitting formal offers.
Representatives for Cellnex, EQT, Omers, and Phoenix Tower declined to comment.
Stockholm-headquartered EQT has been active in digital infrastructure, with notable acquisitions including wireless tower owner Radius and data centre provider GlobalConnect.
Florida-based Phoenix Tower International boasts a significant footprint across the US, Latin America, the Caribbean, and Europe. Its investor base features heavyweight firms such as Blackstone, BlackRock, Grain Management, Wren House, and USS.
Canadian pension manager Omers, with $138bn in assets under management as of end-2024, allocates roughly 17% of its portfolio to Europe, with infrastructure investments accounting for about 23%.
