Cellnex expands into UK with €393m Shere Group acquisition
Cellnex Telecom has struck an agreement to buy Shere Group Limited for €393 million, giving it access to more than 1,000 mobile sites across the Netherlands and the UK.
The deal, which is expected to close later this month, sees Cellnex take control of 464 sites in the Netherlands, bringing its total there to 725.
The acquisition will also see Cellnex expand into the UK for the first time, giving it 540 sites, with the country becoming the fifth in Europe the Spanish firm operates in.
Cellnex Telecom President Francisco Reynés said: “The agreement is consistent with our initial implementation strategy of executing small transactions followed up with consolidation in the markets in which Cellnex is primarily focused in Europe. The efforts made by the Cellnex team over the last 18 months have led to this new transaction in the Netherlands and the UK, consistent with our model as an independent telecommunications infrastructure operator.”
The assets will be acquired from Arcus Infrastructure Partners, and will add an estimated €29 million in annual revenues to Cellnex’s €338 million, two thirds of which are generated in the Netherlands and the rest in the UK.
Cellnex has invested around €1.4 billion in Europe over the past two years, expanding from its home Spanish market into Italy, France, Netherlands and now the UK.
CEO Tobías Martínez said: “With the UK we are not only bringing on board a new European country, further bolstering the geographical continuity of the markets in which we operate, but we are entering a particularly significant and dynamic market for the infrastructure operator sector since the management of these sites involves a high degree of outsourcing.”