Eyeing IPO, Abertis terrestrial unit rebrands to Cellnex
DetailsJuan Fernandez Gonzalez | 25 March 2015
The terrestrial subsidiary of Spanish broadcasting company Abertis, Abertis Telecom Terrestre, will operate as Cellnex Telecom from 1 April as part of the company's new strategy looking to a potential initial public offering (IPO) in the coming months.
Under the slogan 'driving telecom connectivity', Cellnex Telecom will be a company with global ambitions, as Abertis' terrestrial business currently serves over 100 million people throughout Europe with telecom infrastructures.
According to the Spanish company: "Cellnex Telecom comes into being as a global operator with a commitment, in partnership with its customers, to introducing groundbreaking technologies that strengthen the foundations of a connected society and economy."
Abertis, which also owns satellite and DTH businesses through Hispasat, aims to take the terrestrial division to a new stage.
According to the company's strategic plan for the next two years, an IPO is being considered for the first half of 2015, subject to market conditions, in order to increase its financial flexibility and visibility in the market.
Recently, the company closed a deal with Italian mobile telephony operator WIND to acquire and manage a large proportion of its mobile telephone towers. The agreement increases the importance of mobile business for Abertis, as it will now contribute over 50% of the total revenue of the Abertis subsidiary in Europe.