Construction BUSINESS

Phoenix Tower International (PTI) has finalized the acquisition of Cellnex’s telecom infrastructure business in Ireland for a whopping €971 million. This move adds to PTI’s existing portfolio, which includes towers acquired from Eir in 2020.

Cellnex currently manages approximately 1,900 sites in Ireland. Its presence in the country dates back to 2019 when it acquired tower operator Cignal. Later, it expanded its assets by acquiring infrastructure portfolios from CK Hutchison, the owner of 3 Ireland, across six European countries, including Ireland.

The transaction is contingent upon regulatory approvals, with Cellnex intending to utilize the proceeds to alleviate its debt burden.

PTI, supported by private equity investors such as Blackstone, made headlines four years ago with the acquisition of Eir’s tower infrastructure company for €300 million. In that deal, Eir retained ownership of base stations, antennae, and telecom-related equipment, while PTI entered a long-term agreement for hosting services and new site construction.

Marco Patuano, CEO of Cellnex, emphasized that the sale aligns with the company’s strategic objectives, facilitating consolidation and focusing efforts on growth opportunities in core markets.

Dagan Kasavana, CEO of PTI, reiterated the firm’s dedication to Ireland, expressing eagerness to contribute to the advancement of robust telecommunications infrastructure for the benefit of both the Irish populace and Mobile Network Operator partners.

Nomura serves as the exclusive financial advisor, and Arthur Cox provides legal counsel to PTI. Barclays and Santander act as financial advisors, with Matheson serving as legal counsel to Cellnex.