Cellnex Telecom SA is evaluating strategic options as the wireless tower operator grapples with its debt load and declining share price, according to people familiar with the matter. The Spanish infrastructure giant, which operates across multiple European markets, has seen its stock decline significantly over the past year, pressuring management to consider alternatives.

The review comes as Cellnex faces mounting investor scrutiny over its leveraged balance sheet following years of aggressive acquisition-driven growth. With interest rates rising, the cost of servicing its substantial debt has increased, while tower lease revenue growth has moderated. Analysts suggest potential moves could include asset sales, a strategic partnership, or a restructuring of its capital structure.

Any decision would mark a pivotal moment for one of Europe's largest independent tower companies, which owns over 135,000 sites across 12 countries. The outcome could reshape the competitive landscape for digital infrastructure in the region.