MADRID (Reuters) – The European cellular towers market is “just about closed” as rising inflation makes it tougher for firms to finance new offers and the provision of belongings declines, the chief govt of Cellnex instructed the Monetary Occasions.
“M&A exercise is over. Materials, inorganic development, for the subsequent 24 months is over,” Tobías Martínez Gimeno instructed the newspaper in reference to the general market.
Unfavorable rates of interest over the previous few years meant that “cash was virtually free”, added the CEO of Cellnex, Europe’s largest cell phone tower operator, permitting the corporate to purchase up 130,000 towers throughout 12 nations.
When rates of interest have been low and debt was low-cost, cellular 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.
