Swiss telco Sunrise Communications has decided to sell transmitter tower operator Swiss Towers for CHF500 million (€458 million).
The company which owns 2,239 mobile network towers throughout Switzerland is purchased by a consortium led by Cellnex Telecom. It also includes Swiss Life Asset Managers and Deutsche Telekom Capital Partners.
The sale which still requires approval by the competition authorities refers to the passive network infrastructure of mainly steel and concrete constructions. The active mobile network infrastructure remains with Sunrise. Following the transaction, the company wants to focus on improving the quality of its mobile services for its customers.
Sunrise wants to use CHF450 million of the cash proceeds to pay back debts and improve its financial position. The remaining proceeds will be used to accelerate investments into network, fibre-optic partnerships and shops.