Buy-side advisory

Exclusive advisor to Cellnex on the acquisition of 10,700 sites from Iliad and Salt

AZ Capital has advised Cellnex on its acquisition of 10,700 sites in France, Italy and Switzerland for an aggregate value of €3,4 Bn; alongside a built to suit of up to 4,000 sites between 2020 and 2027.

Cellnex acquired a total of 5,700 sites in France from Free (Iliad’s MNO), controlling 70% of the new company which will operate the infrastructure; 2,200 sites in Italy from Iliad; and 2,800 sites in Switzerland from Salt, controlling 90% of the new company.

After this acquisition, Cellnex Telecom consolidates its market position in France, Switzerland and Italy; with a total of 26,000 sites (including contractualized built to suit) located in these three countries over the total 45,000 towers that it operates over Europe.

Sector: Industry