MADRID, 5 Mar. (EUROPA PRESS) -

Phoenix Tower International (PTI) has acquired 100% of Cellnex Telecom's business in Ireland for €971 million, the company announced this Tuesday.

Cellnex has operated in Ireland since 2019, when it acquired the tower and site operator Cignal, a presence that it subsequently expanded in 2020, as a result of the agreement with CK Hutchison to acquire its infrastructure portfolio in six European countries, including Ireland.

The CEO of Cellnex, Marco Patuano, has stressed that the sale of its business in Ireland, at an adequate valuation, is "one more step within the framework of the company's 'New Chapter'", in line with its strategy focused on consolidation, simplifying its structure and focusing its efforts on growth opportunities in the main markets in which it operates.

For his part, the CEO of PTI, Dagan Kasavana, commented that they are pleased to announce this strategic operation with Cellnex, after "the satisfactory transaction in France, which represents an important step forward in the expansion of Phoenix Tower International in Europe."

He also added that this acquisition demonstrates their commitment to Ireland, and they are "keen to contribute to the development of robust and advanced telecommunications infrastructure."

The closing of the operation is subject to the perceptive regulatory approvals, as Cellnex has recalled.

As communicated to the National Securities Market Commission (CNMV), Cellnex intends to use the proceeds of this transaction to deleverage and "reiterates its unconditional commitment to achieving investment grade with S

Nomura has acted as exclusive financial advisor for this operation and Arthur Cox as legal advisor to PTI.

In turn, Barclays and Santander have been financial advisors and Matheson, legal advisor to Cellnex.