Deals
American Tower Said to Explore Purchase of Spain's Cellnex
- Cellnex shareholder Abertis would first combine with Atlantia
- U.S. mobile-phone tower operator hasn’t made a formal offer
Telecommunication mast with antennas.
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American Tower Corp. is exploring a bid for Cellnex Telecom SA to expand in Europe as the Spanish tower operator’s main shareholder considers selling assets as part of a merger, according to people familiar with the matter. Cellnex surged in Madrid trading.
Any offer from American Tower would hinge on the successful combination of the Spanish company’s largest shareholder, Abertis Infraestructuras SA, with Atlantia SpA, the people said, asking not to be identified as the information is private. Atlantia would determine whether to sell the Abertis assets once the deal is concluded, one of the people said. The Italian company has said it expects the deal to close in the fourth quarter.