The M&A strategy of an acquisitive towerco is necessarily opportunistic. Towercos cannot wait for the perfect opportunity because MNOs define where, when and, to a certain extent, how much they sell their towers for. But when the opportunity arose for Cellnex to agree a game-changing sale and leaseback with Iliad and Salt, adding 10,700 existing towers and up to 4,000 BTS in three of their core markets, that opportunity was as close to perfect as it gets! TowerXchange analyses Cellnex’s recently announced €2.7bn deal with Iliad in France and Italy, and with Salt in Switzerland.
What is Cellnex buying?
Subject to the usual conditions precedent, Cellnex has agreed to acquire 10,700 sites from Iliad and Salt.
