Buy-side advisory

Advisor to Cellnex on the acquisition of NOS Towering

Cellnex has reached an agreement with the Portuguese mobile operator NOS for the acquisition of 100% of NOS Towering. The transaction initially involves c. 2,000 telecommunications sites. This is a portfolio of telecommunication towers and rooftop antennas, located in urban (40%), suburban and rural (60%) areas throughout the country.

The transaction represents an initial payment of c. €375 MM (EV), in addition to expansion Capex of up to c. €175 MM related to perimeter increase (up to 400 new sites, including a Build-to-Suit program) and other agreed initiatives over the next 6 years.

Under the agreement, Cellnex and NOS have signed an initial 15-year contract, extendible by successive additional 15-year periods, under which NOS will continue to use the sites that Cellnex will operate, locating its voice and data signal transmission equipment there. Likewise, the agreement also foresees the increase of the perimeter by up to 400 new sites over the next 6 years.

Once these assets are fully integrated and the new sites rolled out, the estimated additional EBITDA (IFRS16) generated for the Group is c. €50 MM.

With this transaction, Cellnex's backlog of future sales contracted will grow by €2 Bn to €46 Bn.

Sector: Infrastructures