Cellnex offloads Austrian business

　　Spanish towerco Cellnex has agreed to sell its Austrian business to a consortium of investment companies for €803 million (US$877 million) in a deal that Cellnex CEO Marco Patuano described in a statement as "one further step within the company's 'Next Chapter' … to achieve the goal of consolidating, simplifying our corporate structure and focusing our efforts in the existing growth opportunities in the main markets in which we operate." The consortium stumping up for the business comprises Vauban Infrastructure Partners, EDT Invest and MEAG. (See Eurobites: Cellnex reveals its Next Chapter, sells Irish unit.)

　　Cellnex's"Next Chapter," which includes an expectation that revenues will reach €4.5-4.7 billion (US$4.9-5.1 billion) by 2027, up from €3.6 billion ($3.9 billion) in 2023. As is often the case in grand corporate strategies, pillars are involved, and Cellnex has four of them: a commitment to focus on core markets while divesting from non-core ones; prioritizing co-tenancy growth with a view to achieving a tenancy ratio of 1.64 in 2027; a comprehensive efficiency drive; and a restatement of its commitment to strong governance and the incorporation of Environmental, Social, and Governance (ESG) principles within its day-to-day activities.