Cellnex is in talks to sell its majority stake in its Swiss unit to Manulife Financial Corporation’s investment management arm.

Reuters reports that Cellnex is pushing to sell its 72 percent stake in its Swiss unit. The remaining shares are owned by Swiss Life Asset Managers, though it’s not known if Manulife is interested in the whole unit.

Cellnex’s Swiss unit manages around 6,000 sites across the country.

The Spanish telco has been looking to sell the stake for some time, kicking off plans to sell the asset in April last year. The company reportedly values its stake at around €2 billion ($2.35bn).

Cellnex entered the Swiss market back in 2017, when it acquired Sunrise subsidiary, Swiss Towers, for €430 million ($506m). It acquired the tower company as part of a consortium with Deutsche Telekom Capital Partners (DTCP) and Swiss Life Asset Managers.

Cellnex has sold or agreed to exit a number of markets in the past couple of years, including its private networks business to Boldyn Networks. Earlier this year, Cellnex completed the sale of its French data center business Towerlink France to Vauban Infra Fibre subsidiary IFSP6 Trinity.

Last year, Cellnex completed the sale of its Irish business to Phoenix Tower International (PTI) for €971 million ($1.1 billion), and has previously sold its Austrian tower unit.

In 2024, Cellnex agreed to sell a 49 percent stake in its Sweden and Denmark subsidiaries to Stonepeak for €730 million ($860m).

In total, Cellnex operates around 120,000 sites across 10 markets.