TowerXchange deal analysis: Cellnex acquires 261 Dutch towers from Protelindo for €109mn

Cellnex consolidates their position as Europe’s only pan-European towerco of scale, Protelindo realises a 45% increase in valuation

Read this article to learn:

  • Why Cellnex chose to invest in the Dutch tower market
  • Why the sale made sense for Protelindo
  • What Cellnex is buying
  • Who owns the towers in The Netherlands, and the proportion of GBTs compared to other PoSs
  • Opportunities in small cells and DAS in The Netherlands

Cellnex will acquire 100% of the share capital in Protelindo’s 261 tower Dutch business for €109mn (EV on a cash, debt-free basis). The valuation is in the 15-16x range, based on an expected EBITDA of €8mn in 2017, generating recurrent free cash flow at a 90% ratio. The deal is expected to close within two…

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