Wireless infrastructure operator Cellnex Telecom agreed to acquire more than 400 antennas from retail group El Corte Ingles in a deal valued at nearly €70 million ($76.4 million), a move which will deliver access to strategic city locations in Spain and advance its growth strategy, Cinco Dias reported.
The deal covers operating rights to antennas installed on more than 100 El Corte Ingles properties which are currently operated by the local units of Telefonica, Vodafone, Orange and MasMovil, the Spanish newspaper explained.
These would add to the more than 8,800 sites Cellnex Telecom currently operates in the country.
Another element of the pact covers delegating the responsibility for developing 5G in El Corte Ingles’ department stores to Cellnex Telecom, sources told Cinco Dias.
The deal is reportedly awaiting final sign off and the value could track higher if certain financial objectives are met.
Cellnex Telecom is currently pushing an expansion strategy. In October 2019, it sealed a £2 billion ($2.6 billion) deal to acquire UK-based Arqiva’s telecoms division, followed by an entry into Portugal through an agreement to buy tower operator Omtel for €800 million.Subscribe to our daily newsletter Back