Cellnex to buy deals from Morgan Stanley
CELLNEX Telecom SA, the Spanish tower operator that has announced about seven billion euros ($7.8bn) of acquisitions since going public in 2015, is making its first deal of the year with the purchase of assets in Portugal, Bloomberg reported.
Cellnex, based in Barcelona, would acquire all of the towers held in a joint venture between Altice Europe Nv, Morgan Stanley and Horizon Equity Partners, according to a regulatory filing Thursday. The venture, known as OMTEL, operated 3,000 sites across Portugal.
The deal would be paid for in cash and had an enterprise value of 800 million euros, according to the statement. The assets, including the rollout of 400 sites over the next four years, will add 2.5 billion euros to Cellnex sales.
The transaction suggests European phone carriers looking to raise funds by monetizing their towers may continue to find demand for the assets in 2020 as they did in 2019.
The steady, long-term cash-flow generated by mast operators has attracted private equity, infrastructure funds, and other investors.
It also marked a quick turnaround for the sellers. The joint venture was formed less than 18 months ago when Morgan Stanley and Horizon acquired 75 per cent of Altice’s Portuguese tower unit for an enterprise value of 660 million euros.