Infrastructure investor Brookfield and Sweden’s largest pension fund, Alecta have invested €722mn to secure a 49% stake in Telia’s tower business in Norway and Finland. The deal is the latest transaction in the buoyant European tower market and places Telia’s tower business at an enterprise value of €1.52bn, representing an EV/EBITDA 2020 multiple of 27x. TowerXchange examines the transaction and the implications for the European tower market.
Telia has become the latest European operator to monetise its tower portfolio, announcing the sale of a 49% stake to infrastructure investor Brookfield, and Swedish pension fund Alecta. The deal covers Telia’s tower assets in Norway and Finland, but excludes their assets in Sweden, Denmark and the Baltics.
