Altice Europe has sold its 25% stake in the Portuguese tower company Omnel, held through its subsidiary Meo, to Cellnex for €200 million in cash.
At the same time, the remaining 75% has been acquired by Cellnex from Belmont Infra for €600 million in cash.
Altice Europe notes that through the transaction it is starting a long-term partnership with Cellnex in Portugal, comprising of the provision of hosting services over mobile passive infrastructure as well as the construction of new sites through a build-to-suit programme.
It adds that Omtel is the first independent tower company in Portugal and operates around 3,000 tower sites the country.
In September 2018, at the time of the sale of Omtel to a consortium including Morgan Stanley Infrastructure Partners and Horizon Equity Partners, Meo reinvested €108.8 million for a 25% equity stake.
Last week Cellnex completed the acquisition of Iliad sites in France and Italy in a deal worth €2 billion.