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

MADRID (Reuters) – The European mobile towers marketplace is “pretty overmuch closed” arsenic rising ostentation makes it harder for companies to concern caller deals and the availability of assets declines, the main enforcement of Cellnex told the Financial Times.

“M&A enactment is over. Material, inorganic growth, for the adjacent 24 months is over,” Tobías Martínez Gimeno told the paper successful notation to the wide market.

Negative involvement rates implicit the past fewer years meant that “money was astir free”, added the CEO of Cellnex, Europe’s largest mobile telephone operation operator, allowing the institution to bargain up 130,000 towers crossed 12 countries.

When involvement rates were debased and indebtedness was cheap, mobile towers were among the astir charismatic assets successful telecoms. But since June, the stock prices of astir operation groups person fallen arsenic rising rates person driven up costs.

(Reporting by Graham Keeley; Editing by Pravin Char)