Cellnex says inflation has shut down European phone masts market, Financial Times reports

A telecom antenna of Spain's telecoms infrastructures firm Cellnex are seen under main telecom tower, known as 12

MADRID, Nov 20 (Reuters) – The European mobile towers market is "pretty much closed" as rising inflation makes it harder for companies to finance new deals and the availability of assets declines, the chief executive of Cellnex (CLNX.MC) told the Financial Times.

"M&A activity is over. Material, inorganic growth, for the next 24 months is over," Tobías Martínez Gimeno told the newspaper in reference to the overall market.

Negative interest rates over the past few years meant that "money was almost free", added the CEO of Cellnex, Europe's largest mobile phone tower operator, allowing the company to buy up 130,000 towers across 12 countries.

When interest rates were low and debt was cheap, mobile towers were among the most attractive assets in telecoms. But since June, the share prices of most tower groups have fallen as rising rates have driven up costs.

  • VideoTechnologycategoryTrump snubs Twitter after Musk announces reactivation of ex-president's account, article with video8:27 AM UTC
  • GalleryLifestylecategoryAl Qaeda urges Muslims to shun World Cup, stops short of threats, article with galleryNovember 19, 2022
  • GalleryLifestylecategoryActor Michael J. Fox accepts honorary Oscar for Parkinson's advocacy, article with gallery8:00 AM UTC
  • WorldcategoryIran leader says 'enemies' may target workers as protests rage, article with imageNovember 19, 2022


Related posts

Factbox: Hydrogen’s many colours

Cynthia Danforth

JPMorgan, BofA cautious on job cuts as Goldman layoffs loom

Cynthia Danforth

Marathon Petroleum posts bumper profit on soaring fuel prices

Cynthia Danforth

Leave a Comment