Deutsche Telekom and Cellnex Telecom have agreed to merge their Dutch mobile communications infrastructure companies into Cellnex Netherlands.
Deutsche Telekom and Cellnex Telecom will also become anchor investors in the newly established and independently managed Digital Infrastructure Vehicle (DIV), an investment fund focused on European digital infrastructure.
Deutsche Telekom operates its Dutch telecommunications tower business in T-Mobile Infra BV, with ca. 3,150 towers and rooftop sites. The business of Cellnex NL, a subsidiary of Cellnex, comprises 984 cell sites.
The enlarged company, with ca. 4,310 sites including planned new build of 180 sites, will be the largest independent cell mobile tower company in the Netherlands.
T-Mobile Netherlands will continue to have full access to the contributed infrastructure through a long-term service agreement at arm’s length.
Deutsche Telekom will receive EUR 250 million cash payment out of the transaction and a shareholding in Digital Infrastructure Vehicle (DIV) in exchange for the T-Mobile Infra business. This translates into a capital commitment of Deutsche Telekom of ca. EUR 400 million to the fund. Cellnex has also agreed, as part of the transaction, to commit EUR 200 million of capital to DIV.
In a second step, DIV will contribute the received T-Mobile Infra business to Cellnex NL. In return, DIV receives approximately 38 percent economic interest in Cellnex NL.
Digital Infrastructure Vehicle (DIV) will focus on promoting digital infrastructure investments across Europe into fiber, towers, and data centers, with the goal of delivering attractive risk-adjusted returns.
DIV as a fund will be independently managed by a team of investment and capital market experts led by Vicente Vento, co-founder of Deutsche Telekom Capital Partners (DTCP).
Deutsche Telekom will deconsolidate T-Mobile Infra B.V. which currently generates ca. EUR 60 million of revenues and around EUR 30 million of EBITDA after leases.