© Reuters. FILE PHOTO: A telecom antenna of Spain’s telecoms infrastructures agency Cellnex are seen below major telecom tower, often known as “Piruli”, in Madrid, Spain, March 10, 2016. REUTERS/Sergio Perez/File Picture
MADRID (Reuters) – The European cell towers market is “just about closed” as rising inflation makes it more durable for corporations to finance new offers and the provision of belongings declines, the chief govt of Cellnex informed the Monetary Occasions.
“M&A exercise is over. Materials, inorganic progress, for the following 24 months is over,” Tobías Martínez Gimeno informed the newspaper in reference to the general market.
Unfavorable rates of interest over the previous few years meant that “cash was nearly free”, added the CEO of Cellnex, Europe’s largest cell phone tower operator, permitting the corporate to purchase up 130,000 towers throughout 12 international locations.
When rates of interest have been low and debt was low cost, cell towers have been among the many most tasty belongings in telecoms. However since June, the share costs of most tower teams have fallen as rising charges have pushed up prices.
