Spanish telecoms infrastructure firm Cellnex is reportedly considering a minority stake sale in its Polish operations.
As reported by Reuters, the operator is looking to reduce its debt, with two sources stating that a deal would value the Polish unit above €3 billion ($3.27bn) excluding debt.
The Spanish telco is working with advisers including JPMorgan to evaluate the sale of a stake in its Polish business, as it aims to raise financing for a potential agreement with Iliad Group in Poland.
BNP Paribas is also working on the sale, one of the people said.
A formal sale process for the stake is scheduled to go ahead before the summer.
In July, Cellnex snapped up the remaining stake of telco infrastructure company OnTower Poland that it did not own from Iliad.
The company confirmed that Iliad sold its 30 percent stake in the tower company, which was set up by both operators in 2021 as part of Cellnex’s acquisition of around 7,000 sites from Polish mobile operator Play.
In September, Cellnex agreed to a deal to sell a 49 percent stake in its Sweden and Denmark subsidiaries to Stonepeak for €730 million ($795m).
The sale was Marco Patuano’s first major divestment since he took over the CEO role from Cellnex founder Tobias Martínez last year.
Cellnex manages around 130,000 sites across Europe, in several countries including Spain, Italy, the Netherlands, France, Switzerland, the UK, Ireland, Portugal, Austria, Denmark, Sweden, and Poland.
