Oct 8, 2019

Spain’s Cellnex to buy Arqiva telecoms unit for £2bn

Cellnex Telecom is to buy Arqiva's telecoms unit for £2bn in a deal the Spanish company said would make it the largest independent tower company in the UK. The sale is the latest in a series of global tower deals across the world as telecoms companies look to offload their masts to infrastructure funds and specialist companies. Towers have become a sought-after asset in recent years, attracting much higher valuations than the operating arms of telecoms companies. The Arqiva telecoms masts were acquired at a lower valuation than similar recent transactions. "The majority of proceeds from the sale will be used to reduce debt, thereby providing a solid financial base for Arqiva and its shareholders to invest in the future of the UK's terrestrial TV and radio platforms as well as its data networks and capability," said Simon Beresford-Wylie, Arqiva chief executive. Tobías Martínez, his counterpart at Cellnex, said: "The Arqiva telecoms division acquisition is a key milestone for Cellnex. Its strong UK asset base, revenues and financial profile, combined with its long history at the heart of UK digital infrastructure, make it a perfect addition to our operations."

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