By Mauro Orru


Shares of Cellnex Telecom SA surged Friday after Spanish news outlet Okdiario reported that American Tower REIT and Brookfield Asset Management Ltd. are weighing a takeover bid for the Spanish wireless-telecommunications company, citing people familiar with the matter.

At 1040 GMT, Cellnex shares jumped 7.6% to EUR35.76.

American Tower REIT and Brookfield are hoping to take Cellnex off the Madrid stock exchange as part of a potential deal that would bolster their exposure to Europe's telecommunications infrastructure, Okdiario reported. Cellnex operates in 12 European countries.

Cellnex, American Tower and Brookfield didn't immediately respond to requests for comment.

Okdiario's report comes just a week after Cellnex said Tobias Martinez Gimeno would step down as chief executive on June 3.


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


(END) Dow Jones Newswires

01-20-23 0603ET