Cellnex operates 4,557 websites throughout Sweden and Denmark
Europe’s largest tower firm, Cellnex, has agreed to promote a 49% stake in its Sweden and Denmark subsidiaries to Stonepeak, an U.S.-based funding agency that focuses infrastructure, for €730 million ($772 million). The choice aligned with the corporate’s ongoing technique to chop debt.
Per the settlement, Stonepeak pays €558 million upfront, €130 million three years after closing the deal and a €40 million earn-out anticipated in 2026.
In keeping with the tower firm’s CEO Marco Patuano, the deal will assist the corporate obtain investment-grade rankings. Following the announcement, Cellnex shares rose, buying and selling 4% increased at EUR33.72.
Cellnex operates 4,557 websites throughout Sweden and Denmark and has plans to construct and function roughly 2,500 extra websites within the nations. It has additionally bought 130,000 towers throughout 12 European nations over the past a number of years.
The take care of Stonepeak is topic to regulatory approval and is anticipated to shut in Q1 2024.