The alternative investment firm Stonepeak has completed the acquisition of a 49% interest in Cellnex Sweden and Cellnex Denmark (“Cellnex Nordics”) for a total value of around €730 million, of which €558 million is recognised upfront.
Cellnex Nordics provides colocation services to mobile network operators for their wireless networking equipment. The Cellnex Nordics network currently consists of approximately 4,600 sites across Sweden and Denmark, with additional commitments and options to build and operate more than 2,400 additional sites in the region. Going forward, Cellnex will continue to consolidate the results of its operations and manage the day-to-day business in consultation with Stonepeak.
Commenting on the acquisition, Cyrus Gentry, Stonepeak MD, said: “We are pleased to have completed this transaction, which represents a natural fit for our core infrastructure strategy as well as a significant milestone in what we hope will be a long-term partnership with Cellnex. We look forward to working with the Cellnex management team in pursuing the significant value creation opportunities that we believe lie ahead in Sweden and Denmark”.
Marco Patuano, Cellnex CEO, added:“The early closing of the sale of a minority stake in our Nordic business marks another significant step forward in our goal to attain investment grade ratings. As we did recall at the moment of the agreement’s announcement, this deal 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”.
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 by S&P.
