Cellnex Telecom Sells 2,353 Sites in France, Implements FCA Remedies

Cellnex Telecom, a leading provider of wireless telecommunications infrastructure, has announced the successful disposal of 2,353 sites in France.
Cellnex telecom tower business
These transactions are part of agreements reached in early 2022 with Phoenix Tower International (PTI) and a joint venture between PTI and Bouygues Telecom. The agreements entail the transfer of a total of 3,226 sites and are in compliance with the remedies outlined by the French Competition Authority (FCA). These remedies were initiated following Cellnex’s acquisition of Hivory in 2021.

Cellnex has generated approximately EUR 631 million in revenue from the sale of these assets. The transactions include 150 sites executed in the first half of the year, 225 sites executed on August 1st, and a significant portion, 1,978 sites, at the end of August. The funds obtained from this sale will be strategically utilized by Cellnex to reduce its debt, aligning with its goals outlined in November 2022. These objectives prioritize organic growth and the attainment of an investment-grade rating by S&P.

The sites that have been transferred are predominantly located in urban areas and were part of Cellnex’s portfolio of assets managed on behalf of its customers in France. The remainder, approximately 870 sites, is expected to complete the transfer process by 2024.

Cellnex Telecom is currently responsible for managing approximately 30,000 sites in France, a figure that encompasses forecasted roll-outs extending up to 2030. These sites serve three major Mobile Network Operators (MNOs) in the country, namely Bouygues Telecom, Free, and SFR. France remains a pivotal market for Cellnex in terms of business volume and the assets it manages.

This successful divestment aligns with Cellnex’s ongoing efforts to optimize its portfolio and strengthen its financial position while continuing to provide essential telecommunications infrastructure services in France and around the world.