Cellnex in advanced negotiations to sell Austrian unit, books H1 net loss
Recasts with detail on Austrian business sale
MADRID, Aug 1 (Reuters) -Cellnex CLNX.MC, Europe's largest mobile phone tower operator, said on Thursday it was in advanced negotiations to sell its Austrian unit after receiving binding offers, triggering a rise in shares.
The Spanish companybooked a net loss of 418 million euros in the first half of 2024 compared to a loss of 196 million from the same period a year earlier, as it reported an impairment related to the potential sale of the unit.
"If an agreement for the divestment is not finally reached, a recorded impairment (265 million euros) will be subject to subsequent review," Cellnex said in a statement.
At 0713 GMT, shares in Cellnex were up 3% after having fallen almost 7% so far this year.
Cellnex, which has shifted its strategy from acquisitions to bolstering its finances,posted a 5.9% rise in first half adjusted earnings before interest, taxes, depreciation and amortisation to 1.58 billion euros ($1.71 billion), thanks to higher revenues.
The group, which is in the process of reducing its debt after a significant expansion to become one of Europe's largest telecom firms, said its net debt stood at 17.5 billion euros, up from 17.3 billion euros in the first quarter of this year.
The company had 111,000 mobile phonetowers in 12 countries at the end of 2023, compared with 14,000 in two countries at the time of its stock market debut in 2015.
Cellnex maintained its guidance of an ebitda of 3.15-3.25 billion euros in 2024, announced earlier this year.
($1 = 0.9241 euros)
Reporting by Emma Pinedo; editing by Jesús Aguado and Mark Heinrich
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