This quarter’s big headline is Cellnex’ exit from the Irish market. The recently announced sale of 100% of its business in Ireland to Phoenix Tower International (PTI) for EUR 971mn, an equivalent to a multiple of approximately 24x EBITDAaL, comes as no surprise. In order to improve its credit rating and reduce its leverage, the towerco has started to sell assets.
Cellnex’ Irish portfolio comprises of just under 2,000 towers and Cellnex will use the proceeds of this deal to reduce its debt. Once completed, the deal will make Phoenix Tower the biggest towerco in the country, should Ireland’s regulators approve the deal.