Buy-side advisory

Sole advisor to Cellnex on the acquisition of Polkomtel Infrastruktura from Cyfrowy

AZ Capital has advised Cellnex on the acquisition of 99,99% of the share capital of Polkomtel Infrastrukture (“Polkomtel”), which manages a portfolio of approximately 7,000 telecom sites in Poland from Cyfrowy Polsat (“Cyfrowy”).

Polkomtel manages passive telecom infrastructure, as well as backhaul infrastructure, consisting of approximately 11,300 kilometers of fiber and a national network of microwave radio links, and active infrastructure consisting of RAN equipment providing approximately 37,000 radio carriers covering all bands available to Polish mobile operators. Cellnex will thus execute a second step in a core market following its recent agreement with Iliad and will reinforce its industrial proposition by expanding its presence in the value chain.

The agreement contemplates an initial investment of around €1,6 Bn at an exchange rate of 4,47 PLN/EUR and a Capex program with an associated investment of up to €600 MM for the deployment of up to 1,500 new sites and 15,000 carriers by 2030.

The transaction is expected to generate annual revenues of approximately €280 MM, Adjusted EBITDA of around €190 MM and a recurring levered free cash flow of around €80 MM after the first full year following the completion of the transaction.

Sector: Infrastructures