Cellnex Telecom Initiates €800 Million Share Buyback Program

Cellnex Telecom SA ( (ES:CLNX) ) has shared an update.

Cellnex Telecom’s Board of Directors has approved a share buyback program aimed at reducing share capital by canceling acquired shares, with a maximum monetary allocation of 800 million euros. The program, managed by Citigroup Global Markets Europe AG and Goldman Sachs Bank Europe SE, will commence following the closure of Cellnex’s business in Ireland, expected in early 2025, and concludes by the end of 2025. Additionally, Cellnex Finance has modified a total return equity swap, increasing its notional amount to 550 million euros to cover the buyback program and other capital structure instruments, extending its expiration until June 2026.

More about Cellnex Telecom SA

Cellnex Telecom S.A. operates in the telecommunications industry, primarily focusing on providing wireless infrastructure services. The company plays a significant role in the European telecommunications market, offering services such as tower and site management, and has a strategic focus on network expansion and infrastructure development across various regions.

YTD Price Performance: -10.68%

Average Trading Volume: 1,652

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $20.93B

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