Stonepeak to take 49% stake in Cellnex Nordics operations
Stonepeak will acquire a 49% interest in Cellnex’s subsidiaries in Sweden and Denmark for €730 million.
Cellnex will continue to manage the day-to-day business operation of Cellnex Nordics and will consolidate the results of its operations.
Cellnex Nordics offers operators with colocation services for their wireless networking equipment through a network totalling 4,557 sites across Sweden and Denmark.
The business also holds commitments and operations to build and operate 2,5000 additional sites in the region.
Cyrus Gentry, Stonepeak managing director said: “We believe Cellnex Nordics, as the region’s leading independent tower company, is strategically well positioned to capture outsized organic and inorganic growth over the coming years.
“We view partnering with Cellnex, with its consistent track record of financial performance, execution on built-to-suit delivery, and mergers and acquisitions, as a natural fit for Stonepeak’s Core infrastructure strategy.
The deal is subject to regulatory approvals and is expected to be completed by the first quarter of 2024.
The company added that it will use the proceeds of the deal to reduce its debt, in line with the objectives set in November 2022 which prioritises growth and achieving investment grade credit rating by S&P.
“The sale of a stake in our Nordic business at an appropriate valuation marks another significant step forward in our goal to attain investment grade ratings,” said Marco Patuano, CEO of Cellnex.
The agreement with Stonepeak shows Cellnex’s ability to attract the interest of high-quality financial partners who understand and value the inherent quality of the assets as well as the future opportunities in these markets.”