Abertis Aims to Raise $1.9 Billion With Phone Towers IPO

Abertis Infraestructuras SA will seek to raise as much as 1.7 billion euros ($1.9 billion) by listing the shares of its telecommunication-towers unit in Madrid.

Abertis, a Barcelona-based infrastructure company, plans to sell 55 percent of its Cellnex Telecom SAU division, it said in a regulatory filing Tuesday, without disclosing the price of the stock or the date of the sale. A separate term sheet obtained by Bloomberg News showed that the offering will raise between 1.4 billion euros and 1.7 billion euros, including an over-allotment. That implies a market value for the unit of as much as 2.8 billion euros.