Kromann Reumert advises Cellnex Telecom on the acquisition of 3's tower assets
Kromann Reumert advised Cellnex Telecom, Europe’s leading operator of wireless telecommunications and broadcasting infrastructures, on the acquisition of the Danish telecommunications tower assets of CK Hutchison Holdings ("Hutchison") (operating under the brand "3"). Clifford Chance was lead counsel on the transaction that involved six jurisdictions.
This is a transformational deal – structured in six independent transactions – for Cellnex Telecom which creates a strategic alliance with Hutchison and entails the acquisition of 24,600 telecommunications sites, as well as an investment plan to deploy a further 5,250 new sites.
The agreement consists of an initial investment of close to 10 billion euros, of which some 8.6 billion euros will be paid in cash and the remainder in newly issued shares in Cellnex Telecom. These shares will represent approximately 5% of its share capital, once the acquisition is carried out.
Through this deal, Cellnex consolidates its presence in Ireland, Italy and the United Kingdom and enters three new European markets (Austria, Denmark and Sweden), thereby increasing its geographic presence to 12 countries and attaining a total of approximately 103,000 telecommunications sites.