From Breakingviews - Cellnex may flip from buyer to seller with new CEO
CEO Marco Patuano as its new boss increases the odds of seeing the 27 billion euro mobile phone tower operator returning to the M&A negotiating table – as a seller. The appointment ends months of boardroom infighting that culminated with theof former Chairman Bertrand Kan on April 4. Patuano has the backing of activist fund TCI and Italy's Benetton family, Cellnex's largest investors with an overall 17.
The 58-year-old Italian already chaired Cellnex once, between 2018 and 2019. He is a former CEO of the Benettons' holding company Edizione and previously led Telecom Italia between 2013 and 2016. His track record of carving out the former monopoly's mobile tower business INWIT may be significant.
But while tackling the company's turnaround, Patuano may also be lured into takeover negotiations with heavyweight investors as industry consolidation is underway. The likes of Brookfield
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