On 12 November, CK Hutchison and Cellnex announced that they had reached a series of agreements whereby Cellnex would acquire 24,600 CK Hutchison towers across six European countries. The deal, for a total consideration of €10bn will involve Cellnex paying €8.6bn in cash and providing €1.4bn in new Cellnex shares (equivalent to a 5% stake in the company). With the transaction, Cellnex will enter three new markets – Austria, Sweden and Denmark – whilst strengthening its position in Italy, the UK and Ireland. The deal marks the largest tower transaction globally to date (outside of India) and cements Cellnex’ position as Europe’s largest towerco.
Cellnex to acquire 24,800 sites from CK Hutchison in record breaking deal
