Phoenix Tower International (PTI) has sealed a deal to acquire Cellnex’s business in Ireland for EUR 971 million. This transaction, equivalent to a multiple of approximately 24 times EBITDAaL, marks a pivotal moment in PTI’s expansion strategy in Europe.
Cellnex, which has been operating in Ireland since 2019 following its acquisition of tower operator Cignal, has steadily increased its presence in the country. This growth was further bolstered in 2020 through an agreement with CK Hutchison to acquire infrastructure portfolios across six European countries, including Ireland. Currently, Cellnex manages around 1,900 sites in Ireland.
“The sale of our business in Ireland – at an appropriate valuation – is one further step within the company’s ‘Next Chapter’, in line with our strategy, to achieve the goal of consolidating, simplifying our corporate structure and focusing our efforts in the existing growth opportunities in the main markets in which we operate,” Marco Patuano, CEO of Cellnex, said.
Cellnex intends to utilize the proceeds from the deal to reduce its debt, in accordance with objectives outlined in November 2022, prioritizing organic growth and aiming for an investment-grade credit rating by S&P.
