By Ed Frankl

Shares in Spain's Cellnex Telecom SA rose on Tuesday after a report that it had dropped out of bidding for Deutsche Telekom AG's towers business.

Shares in Cellnex were up 5.2% to EUR41.18 at 1510 GMT.

The German telco company is in talks to sell a majority stake in the towers business worth around 18 billion euros ($18.08 billion) to a consortium made up of KKR & Co., Stonepeak Infrastructure Partners LP and Global Infrastructure Partners LLC, financial daily Handelsblatt reported late Monday, citing unnamed sources.

Cellnex had offered Deutsche Telekom a stake in itself, but the KKR-led offer was said to be financially superior to Cellnex's, according to Handelsblatt.

Write to Ed Frankl at edward.frankl@dowjones.com

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(END) Dow Jones Newswires

July 12, 2022 11:47 ET (15:47 GMT)

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