By Mauro Orru

Cellnex Telecom SA said it has dropped out of talks to buy a stake in Deutsche Telekom AG's tower unit, putting an end to speculation that the Spanish company had made concessions to secure a share of the business in Germany and Austria.

Cellnex on Wednesday confirmed that it was no longer taking part in the process for the potential acquisition of a stake.

The Spanish wireless-telecommunications company's shares rose Tuesday after a report that it had dropped out.

German financial daily Handelsblatt recently reported that Deutsche Telekom was in talks to sell a majority stake in its tower business worth around 18 billion euros ($18.07 billion) to a consortium of KKR & Co., Stonepeak Infrastructure Partners LP and Global Infrastructure Partners LLC.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

July 13, 2022 02:48 ET (06:48 GMT)

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