Cellnex CEO Marco Patuano said: “The sale of our business in Ireland –at an appropriate valuation– is one further step within the company's ‘Next Chapter’, in line with our strategy, to achieve the goal of consolidating, simplifying our corporate structure and focusing our efforts in the existing growth opportunities in the main markets in which we operate.
“We want to recognise PTI’s readiness and swift decision making and look forward to closing the deal on due time.”
Cellnex has been operating in Ireland since 2019, when it acquired tower operator Cignal, increasing its footprint in 2020 as a result of the agreement with CK Hutchison to acquire its infrastructure portfolio in six European countries, including Ireland.
Cellnex currently manages around 1,900 sites in the country.
Dagan Kasavana, CEO of PTI said: “We are delighted to announce this strategic transaction with Cellnex after a successful transaction in France which signifies a significant step forward in Phoenix Tower International's expansion in Europe.
“This acquisition demonstrates our commitment to Ireland, and we are eager to contribute to the development of robust and advanced telecommunications infrastructure that will benefit both the Irish people and our valued mobile network operator partners. We appreciated the Cellnex team’s constructive approach and hard work to sign this transaction.”
The closing of the deal is subject to regulatory approvals. Cellnex says it will use the proceeds of this deal to reduce debt, in line with the objectives set in November 2022, which prioritise organic growth and achieving an investment grade credit rating by S&P.
