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Report: Spain's Cellnex Telecom weighing €3B bid to take over France's TDF

Spanish telecom infrastructure operator Cellnex Telecom SA is eyeing the acquisition of a 60% stake in French tower company TDF Infrastructure SAS for about €3 billion, Telecompaper reported March 21, citing Spanish-language business publication Expansión.

For the six months ending June 30, 2018, TDF reported an infrastructure portfolio spanning 17,700 terrestrial sites, mainly in France. The company's revenue for the period was €335.2 million.

Cellnex recently completed a €1.2 billion share capital increase, the proceeds of which it planned to use for acquisitions. The 66.99 million new shares issued under the capital increase are expected to begin trading March 27.

Cellnex Telecom has long been known as an acquirer of European telecom assets. Reuters reported in March that Cellnex Telecom Chairman Marco Patuano was interested in acquiring Telecom Italia SpA's towers unit Infrastrutture Wireless Italiane SpA. In 2017, Cellnex Telecom led a consortium that bought Sunrise Communications Group AG subsidiary Swiss Towers AG for €430 million in cash. In 2016, it purchased 230 towers from Bouygues Telecom SA for €80 million.