Cellnex has completed the sale of 2,353 sites in France to Phoenix Tower International (PTI) and a joint venture of PTI and Bouygues Telecom.
According to Cellnex, the transaction is within the framework of the agreements concluded with these companies at the beginning of 2022 for the sale of a total of 3,226 sites, to be concluded over a period of 30 months.
It adds that the agreements are in line with the corrective measures established by the French Competition Authority (AFC) following the acquisition of Hivory by Cellnex in 2021.
Cellnex goes on to say that it received approximately €631 million from the sale of these assets, including 150 sites in the first half of the year, 225 on August 1, and 1,978 at the end of August. Cellnex will use these proceeds to reduce its debt, in line with targets set in November 2022, which prioritise organic growth and achieving an investment grade rating by S&P.
These sites, located in urban areas, are part of the portfolio of assets that Cellnex manages for its customers in France. The transfer of the remaining approximately 870 sites should be completed by 2024.
Cellnex manages a total of around 30,000 sites in France, including deployments planned until 2030, for three of the main mobile operators operating in the country (Bouygues Telecom, Free and SFR).
France remains one of the company’s main markets in terms of business volume and assets under management.
