TowerXchange deal analysis: Cellnex acquires 261 Dutch towers from Protelindo for €109mn
Cellnex consolidates their position as Europe’s only pan-European towerco of scale, Protelindo realises a 45% increase in valuation
Cellnex will acquire 100% of the share capital in Protelindo’s 261 tower Dutch business for €109mn (EV on a cash, debt-free basis). The valuation is in the 15-16x range, based on an expected EBITDA of €8mn in 2017, generating recurrent free cash flow at a 90% ratio. The deal is expected to close within two months, subject to the usual CPs. Cellnex will finance the transaction through existing credit facilities. Here, TowerXchange analyses the deal and shares some exclusive quotes from Cellnex CEO Tobias Martinez.
Why the deal made sense for Cellnex: synergies, scale and a platform to push into Northern and Central Europe
Boosted with a substantial M&A warchest from their successful IPO, Cellnex currently owns 15,120 towers in Southern Europe (Spain and Italy), but their acquisition of 261 Dutch towers from Protelindo may be the first of several transactions in Northern and Central Europe as the company seeks to fulfill their pan-European growth vision.