Iliad Group sold its 30 per cent stake in infrastructure company OnTower Poland to Cellnex, giving the latter full control of the asset.
Cellnex stated it had bought the remaining stake for €510 million and the deal represented an intermediate step in assessing strategic options for its current portfolio.
OnTower Poland was set up as part of Cellnex’s acquisition of 7,000 telecoms sites owned by Polish provider Play in 2021, in which it took an initial 60 per cent stake. It then bought an additional 10 per cent in 2022.
Play was also acquired by Iliad for €3.5 billion 2021, as part of the French operator’s expansion into the country.
Today, OnTower Poland operates a total of 8,500 tower sites with plans to deploy up to 3,400 more by 2030. It has a 20-year service contract with Play.
The move to take full ownership comes two years after Cellnex acquired infrastructure company Polkomtel Infrastruktura for €1.6 billion.