Infrastructure player Cellnex Telecom reached an agreement to divest more than 3,200 sites in France to Phoenix Tower International (PTI) and its JV partner, a deal which fulfils conditions imposed as part of an acquisition of Altice Europe’s tower business in the country in 2021.
Of the towers set to change hands, 1,226 will be owned by PTI directly while the other 2,000 will be held within the latter’s venture with operator Bouygues Telecom.
All the assets transferred are in “very dense areas”, Cellnex explained in its statement on the transaction.
In a separate disclosure, PTI noted the addition of the 1,226 towers it will own in their entirety would see it add SFR as a second major operator client in France. The 2,000 being put into its JV will enhance its relationship with partner Bouygues Telecom, it added.
Cellnex was obliged to divest the sites as part of terms imposed by the French Competition Authority (FCA) to approve its acquisition of Altice Europe infrastructure business Hivory and associated holding company.
The FCA will have to approve the divestment to PTI before the deal is finalised.Subscribe to our daily newsletter Back