Cellnex enters the Portuguese market
OMTEL acquisition adds an eighth country to the towerco’s rapidly expanding portfolio
After highly active 2019 on the M&A front, Cellnex kicks off 2020 with the announcement they are to acquire Portuguese towerco, OMTEL, adding 3,000 towers and an eighth market to their rapidly expanding tower portfolio. TowerXchange examine the news and the implications for the Portuguese market.
On 2 January, Cellnex announced that it had reached an agreement with Altice Europe and Belmont Infra Holdings to acquire 100% of Portuguese towerco, OMTEL, and their portfolio of c. 3,000 sites. The deal, which also includes a build to suit commitment of 400 new sites for MEO over the next four years, places OMTEL at an enterprise valuation of €800mn.