After several years of frenetic M&A, Cellnex has built a 25 billion euro business out of managing mobile-phone towers. That valuation gives minimal credit to future purchases. With big hitters like Vodafone joining the fray, it's probably just as well.
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View: Cellnex M&A machine scales top of valuation tower
View: Cellnex M&A machine scales top of valuation tower
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