Cellnex says inflation has shut down European phone masts market

Stock market today: Dow ends higher as tech continues to shine; Inflation eyed

Cellnex says inflation has shut down European phone masts market - FT

Economy Nov 20, 2022 06:56AM ET

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Cellnex says inflation has shut down European phone masts market - FT

© Reuters. FILE PHOTO: A telecom antenna of Spain's telecoms infrastructures firm Cellnex are seen under main telecom tower, known as "Piruli", in Madrid, Spain, March 10, 2016. REUTERS/Sergio Perez/File Photo

MADRID (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 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.

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Comments (1)

jason xx Nov 20, 2022 11:30AM ET

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If people want to make money they have to borrow money

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