Cellnex exits Irish market
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Cellnex exits Irish market

Following its strategy to simplify operations, Cellnex sells Irish business to Phoenix Tower International


The deal

The recently announced sale of 100% of Cellnex’ business in Ireland to Phoenix Tower International for EUR 971mn, an equivalent to a multiple of approximately 24x EBITDAaL, comes as no surprise.

Under its new CEO Marco Patuano, the company has focused on reducing its leverage ratio below six times its core earnings. In order to improve its credit rating and reduce its leverage the towerco has started to sell assets.

Commenting on the deal, Marco Patuano has said that “the sale of our business in Ireland – at an appropriate valuation – is one further step within the company's ‘Next Chapter’, in line with our strategy, to achieve the goal of consolidating, simplifying our corporate structure and focusing our efforts in the existing growth opportunities in the main markets in which we operate.”



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