The mobile phone mast operator of Spain, Cellnex will bag upto 7 billion euros ($8.4 billion) to fund the acquisition of telecoms tower company Hivory. With this acquisition Cellnex can significantly expand its presence in France.
Cellnex, based out of Barcelona, at present has a market capitalisation of 23.9 billion euros. It has grown rapidly to become Europe's largest mobile phone towers operator by buying up assets which have retained their appeal for investors thanks to their steady cash flows.
In its recent major deal, Cellnex reached an agreement with Altice and Starlight Holdco to acquire Hivory, which has around 10,500 masts in France. It is planning to initially invest 5.2 billion euros as told to Spanish stock market regulator
