Cellnex buys 60% stake in Iliad's Polish cellphone mast unit

Credit: REUTERS/SERGIO PEREZ

Barcelona-based cellphone mast operator Cellnex agreed with Iliad to buy a 60% stake in the cellphone tower unit of Play, a Polish telephone company the French operator is in the process of taking over, Cellnex and Iliad said on Friday.

MADRID, Oct 23 (Reuters) - Barcelona-based cellphone mast operator Cellnex CLNX.MC agreed with Iliad ILD.PA to buy a 60% stake in the cellphone tower unit of Play PLY.WA, a Polish telephone company the French operator is in the process of taking over, Cellnex and Iliad said on Friday.

Cellnex will pay 800 million euros ($944.08 million) for the stake and the two companies committed to invest 1.3 billion euros over 10 years to build up to 5,000 new towers, according to a Cellnex statement.

With the operation, Cellnex adds 7,000 cellphone masts to its portfolio and will run and maintain a total of 73,000 cellphone towers over nine countries.

Iliad is in the process of acquiring Play and is expected to get the European Commission's nod soon.

Since its public listing in 2015, Cellnex has been rapidly expanding its asset base, investing more than 12 billion euros in acquiring or building thousands of cellphone towers in several West European countries and in the U.K.

($1 = 0.8474 euros)

(Reporting by Inti Landauro; Editing by Subhranshu Sahu)

((Inti.Landauro@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More