Massive MIMO (multiple-input multiple-output) has been recognized as an efficient solution to improve the spectral efficiency of future communication systems. However, increasing the number of antennas and users goes hand-in-hand with increasing computational complexity. In particular, the precoding design becomes involved since near-optimal precoding, such as regularized-zero forcing (RZF), requires the inversion of a large matrix. In our previous work [Mueller et al. 2014] we proposed to solve this issue in the single-cell case by approximating the matrix inverse by a truncated polynomial expansion (TPE), where the polynomial coefficients are selected for optimal system performance. In this paper, we generalize this technique to multi-cell scenarios. While the optimization of the RZF precoding has, thus far, not been feasible in multi-cell systems, we show that the proposed TPE precoding can be optimized to maximize the weighted max-min fairness. Using simulations, we compare the proposed TPE precoding with RZF and show that our scheme can achieve higher throughput using a TPE order of only 3.