Cellnex has reached an agreement with Portuguese operator Nos for the acquisition of 100 percent of Nos Towering for EUR 375 million. The transaction initially involves around 2,000 telecommunications towers and rooftop sites.
Cellnex said the expansion capex for the portfolio could reach add another EUR 175 million to the price, including the addition of up to 400 new sites and other agreed initiatives over a six-year period. Cellnex and Nos have also signed an initial 15-year contract, which may be extended by successive additional 15-year periods, under which Nos will continue to use the sites that Cellnex will operate, locating its voice and data signal transmission equipment there.
Including the planned expansion, Cellnex expects the deal to contribute around EUR 50 million in annual EBITDA.
Closing is subject to the usual administrative and regulatory authorisations. This is Cellnex's second major acquisition in Portugal, after buying Altice Portugal assets earlier this year.
This is Nos's second divestment in just over a week. Earlier in April it announced an agreement to sell its international carrier business to iBasis. The company said the towers sale is expected to benefit operating cash flow by EUR 22 million in the first year.
