Cellnex sells Swedish, Danish businesses for $772 million

Cellnex operates 4,557 sites across Sweden and Denmark

Europe’s largest tower company, Cellnex, has agreed to sell a 49% stake in its Sweden and Denmark subsidiaries to Stonepeak, an U.S.-based investment firm that focuses infrastructure, for €730 million ($772 million). The decision aligned with the company’s ongoing strategy to cut debt.

Per the agreement, Stonepeak will pay €558 million upfront, €130 million three years after closing the deal and a €40 million earn-out expected in 2026.

According to the tower company’s CEO Marco Patuano, the deal will help the company achieve investment-grade ratings. Following the announcement, Cellnex shares rose, trading 4% higher at EUR33.72.

Cellnex operates 4,557 sites across Sweden and Denmark and has plans to build and operate roughly 2,500 additional sites in the countries. It has also purchased 130,000 towers across 12 European countries over the last several years.

The deal with Stonepeak is subject to regulatory approval and is expected to close in Q1 2024.