American Tower buyout of Cellnex a possibility, says Citi

Citi analyst Michael Rollins keeps a Buy rating on American Tower (AMT) following a report that the company and Brookfield Asset Management (BAM) are potentially looking at a takeover bid for Cellnex Telecom (CLLNY). A takeover bid of Cellnex is a possibility as American Tower has historically prioritized scale and reach within each of its major operating-regions, the analyst tells investors in a research note. However, recent management commentary reduces the probability of a possible deal scenario over the near- and medium-term, Citi contends. The firm points out that American Tower’s current position on capital allocation is to focus on deleveraging over the near-term.