Manulife Investment Management eyes Cellnex Swiss business

LONDON: Spain’s Cellnex is in talks to sell its stake in its Swiss unit to Toronto-listed Manulife Financial Corporation’s investment management unit, according to two sources with knowledge of the situation. Manulife has been working with financial advisors ‌on a ⁠possible deal, ⁠one of the sources said. The talks follow an attempt to sell the Swiss operations last year, which CEO Marco Patuano told Reuters last month were halted due to bids falling below expectations.

Cellnex owns a 72% stake in its Swiss unit, with the remaining 28% held by Swiss ⁠Life Asset ‌Managers. Analysts at JPMorgan have valued the whole Swiss unit at around 2 billion euros ($2.34 billion).