Cellnex Shares Rise on Sale of Stake in Swedish, Danish Businesses
By Adria Calatayud
Shares in Cellnex Telecom rose after the Spanish company sold a 49% stake in its subsidiaries in Sweden and Denmark to U.S. infrastructure investor Stonepeak for about 730 million euros ($771.4 million).
At 1013 GMT on Friday, Cellnex shares traded 4% higher at EUR33.72.
Telecommunications-infrastructure company Cellnex said proceeds from the sale will be used to reduce its debt, in line with its ambition to achieve an investment grade credit rating by rating agency S&P.
Cellnex will continue to manage the day-to-day business of its Nordics operations and consolidate the results, it said.
The deal is expected to be completed by the end of the first quarter of 2024 at the latest, the company said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
September 29, 2023 06:31 ET (10:31 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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