New country, new model - Cellnex partners up to acquire Swiss towers
Cellnex expands into a sixth country with 2,339 tower deal with Swiss operator Sunrise
With the acquisition of 2,339 towers from Sunrise in Switzerland, Cellnex are not only entering a new market, but also rolling out a new business model; working in partnership with financial investors (in this case Swiss Life Asset Managers with 28% and Deutsche Telekom Capital Partners with 18%) to secure towers as part of a consortium. Sunrise has raised €430mn from this deal.
Similarly to Cellnex’s recent deal with Bouygues, the acquisition agreement includes the signing of a Master Service Agreement, for an initial period of 20 years, extendable by a further 20 years in 10-yearly increments.