Advisory on merger

Financial advisor to Cellnex in the agreement with Deutsche Telekom

AZ Capital has advised Cellnex on the agreement with Deutsche Telekom to merge their tower businesses in The Netherlands and fund an independently managed Digital Infrastructure Vehicle (DIV, who will hold a minority position in the combined entity). As a result of the transaction, Cellnex owns 62% in the combined entity (Cellnex Netherlands) and operates a total of 4,314 sites including 180 new sites to be rolled out over the next seven years.

Sector: Infrastructures