Stonepeak, a prominent alternative investment firm specializing in infrastructure and real assets, will acquire a 49 percent stake in Cellnex Nordics, consisting of Cellnex Sweden and Cellnex Denmark, for EUR 730 million.
Cellnex Nordics provides colocation services for mobile network operators through its extensive network of 4,557 sites across Sweden and Denmark. The business also holds commitments and options to build and operate approximately 2,500 additional sites in the region, positioning it for substantial organic growth.
Cellnex Telecom, the largest wireless telecommunications infrastructure company in Europe, will use the proceeds from this deal to reduce its debt in line with the objectives set in November 2022, focusing on organic growth and achieving an investment-grade credit rating by S&P.
Marco Patuano, CEO of Cellnex, stated, “The sale of a stake in our Nordic business at an appropriate valuation marks another significant step forward in our goal to attain investment-grade ratings.”
Cyrus Gentry, Stonepeak Managing Director, expressed, “We view partnering with Cellnex, with its consistent track record of financial performance, execution on built-to-suit delivery, and mergers and acquisitions, as a natural fit for Stonepeak’s Core infrastructure strategy.”
Cellnex will retain management of the day-to-day operations of Cellnex Nordics and consolidate the results of its operations. The transaction is subject to regulatory approvals and is expected to be completed by the first quarter of 2024 at the latest.
Nomura International is serving as lead financial advisor, Guggenheim Securities as financial advisor, and Herbert Smith Freehills as legal counsel to Stonepeak. AZ Capital is serving as financial advisor, and Baker & McKenzie is serving as legal counsel to Cellnex.
