Alternative investment firm specialising in infrastructure and real assets, Stonepeak, and Cellnex Telecom, Europe's largest independent operator of wireless telecommunications infrastructure, announced today that they have reached an agreement for Stonepeak to acquire a 49 percent stake in Cellnex Sweden and Cellnex Denmark, collectively known as "Cellnex Nordics," for a total of EUR 730 million. Cellnex will continue to manage the day-to-day business of Cellnex Nordics and consolidate the results of its operations.
Cellnex Nordics currently operates a mobile network of 4,557 sites across Sweden and Denmark, offering colocation services to mobile network operators. The company also holds commitments and options to build and operate an additional 2,500 sites in the region, positioning it well for continued organic growth.
Cellnex commented: "The sale of a stake in our Nordic business at an appropriate valuation marks another significant step forward in our goal to attain investment-grade ratings. The agreement with Stonepeak shows Cellnex's ability to attract the interest of high-quality financial partners who understand and value the inherent quality of the assets as well as the future opportunities in these markets."
Stonepeak said: "We believe Cellnex Nordics is strategically well positioned to capture outsized organic and inorganic growth over the coming years. We view partnering with Cellnex, with its consistent track record of financial performance, execution on built-to-suit delivery, and mergers and acquisitions, as a natural fit for Stonepeak's Core infrastructure strategy. We look forward to working closely with the Cellnex team to help further their strategic objectives in both Sweden and Denmark."
The transaction is subject to regulatory approvals and is expected to be completed by the first quarter of 2024. Cellnex will use the proceeds of this deal to reduce its debt, in line with the objectives set in November 2022, which prioritise organic growth and achieving an investment-grade credit rating.
Cellnex manages a portfolio of around 135,000 sites, including forecast roll-outs up to 2030 in Spain, Italy, the Netherlands, France, Switzerland, the United Kingdom, Ireland, Portugal, Austria, Denmark, Sweden, and Poland.