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Spanish Tower Operator Cellnex Valued at $3.6 Billion in IPO

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Phone-tower operator Cellnex Telecom SAU got a valuation of about 3.24 billion euros ($3.6 billion) in its initial public offering, as owner Abertis Infraestructuras SA seeks to take advantage of a rebound in Spain’s equity market.

Toll-road company Abertis is selling a stake of as much as 66 percent in Cellnex for 14 euros a share, Cellnex said in a regulatory filing. The maximum stake assumes the exercise of a so-called over-allotment option. Cellnex said last month the shares would be priced between 12 euros and 14 euros.