Cellnex has signed, through its subsidiary Cellnex France, S.A.S., a “put” agreement with Vauban Infra Fibre (VIF) that grants it the right to sell 99.99% of the equity in Towerlink France, S.A.S., the company that manages the main data center operations of the Group in France. The transaction value amounts to 391 million euros, to be paid entirely in cash, and is conditioned on the information and consultation process with employee representatives in France, as well as regulatory approvals and other usual conditions for this type of operation.
This move aligns with the strategic roadmap of the tower operator, focused on strengthening its core telecom infrastructure—shared towers and sites—and on disciplined capital allocation. “We remain committed to operational excellence and disciplined capital deployment, aiming for sustainable growth and long-term value creation for our shareholders,” emphasized Marco Patuano, CEO of Cellnex.
On the buyer’s side, Steve Ledoux, CEO of VIF, expressed enthusiasm about the negotiations: “Towerlink will thrive within VIF as we accelerate our growth in the data center market and realize synergies with other data centers and digital assets in our portfolio. We will support the company in deploying a high-quality portfolio across France.”
What is Being Sold and Why It Matters
Towerlink France consolidates the group’s data center activity in the country, an adjacent area to the traditional tower business. Practically, the option to sell (put) arrangement does not involve an immediate transfer of the company but grants Cellnex the right to execute the sale under agreed conditions if, after completing labor and regulatory procedures, it decides to proceed. The reference price—391 million euros—provides visibility on the value that the market assigns to these assets in France.
Selective asset rotation is not new in the sector: it helps reduce debt, free up capital for priority investments, and refine the perimeter towards “core” infrastructure (towers, rooftops, small cells, backhaul, and edge when operationally feasible). In this case, Cellnex explicitly states that the sale would reinforce that focus.
Who is Vauban Infra Fibre (VIF)
VIF is a French company supported by Vauban Infrastructure Partners, Crédit Agricole Assurances, and Raffles (a subsidiary of GIC). It has presence in multiple locations across France, several operational, and maintains a thesis that merges digital infrastructure (including data centers) with local reach and industrial synergies. This integration with other assets—both physical and commercial—is what, according to its CEO, should accelerate the development of Towerlink under its umbrella.
Strategic Message: Returning to Core Business
The message from the announcement is clear: focus. Cellnex emphasizes that the operation “aligns with the strategic roadmap” and that it will continue to concentrate resources on its main areas of activity. Practically, this entails:
- Simplifying perimeter in non-essential activities (data centers not strictly essential for the core towers).
- Accelerating the divestment in adjacent assets when market conditions and pricing recognize their value.
- Reorienting capital expenditures (capex) towards deployment and modernization of shared telco infrastructure, where Cellnex benefits from scaling advantages and management.
The expected effect is twofold: financial discipline and greater focus on the business where the European tower operator offers more efficiency (sharing, tenancy ratio, operations) to mobile operators and service providers.
Timeline and Closing Conditions
As per French regulation, before executing any sale, there must be a consultation process with employee representatives. Afterwards, the transaction will be subject to the relevant regulatory approvals and standard conditions for such transfers (including contract clauses and administrative authorizations). Until then, it remains a proposed sale under a put agreement.
Advisors to the Transaction
Cellnex has appointed BBVA and Crédit Agricole CIB (CACIB) as M&A advisors; HSFK as legal and tax advisor; and Analysys Mason as commercial advisor.
Implications for the French Market
France stands out as one of Cellnex’s key markets in Europe. With the divestment of Towerlink France, the company signals a prioritization: maintaining the network of sites and shared telco services as the mainstay, while leaving Towerlink’s data centers in the hands of a focused national investor with synergy potential. For VIF, the asset represents a platform to accelerate deployments and optimize its portfolio of data centers and digital assets.
Cellnex: In Numbers and Reach
Cellnex is the largest operator of telecom towers and infrastructure in Europe. Its model enables operators to access a shared network that reduces barriers and improves coverage, even in remote areas, facilitating sustainable deployment. The company manages more than 110,000 sites—including roll-outs committed until 2030—across 10 European countries, with strong presence in Spain, France, UK, Italy, and Poland. It is listed on the Spanish stock exchange, part of the IBEX 35 and the Euro Stoxx 100, and included in sustainability indices such as FTSE4Good, MSCI, and DJSI Europe.
Investor Outlook: Capital Discipline and Sector Focus
From a financial perspective, the 391 million euros in cash—if finalized—would enhance the group’s flexibility to reduce debt, recycle capital, or pursue investments in its Main line. Strategically, the operation clarifies the perimeter in France and reinforces the message to the market: prioritize “pure” telecom assets, where Cellnex leads.
What the Buyer Says (and Hopes to Achieve)
VIF identifies as an industrial investor in digital infrastructure with local presence. In its statement, it highlights:
- Strategic Fit: “Aligned with our investment strategy.”
- Growth: “Accelerate our development in the data centers market.”
- Synergies: Attractive synergies with other data centers and digital assets in its French portfolio.
- Industrial Plan: Supporting Towerlink in deploying a high-quality network across France.
The thesis is straightforward: acquire a growth-capable data center operator, leverage it over VIF’s network and clients, and capture demand for capacity and digital services within the country.
Perspective: Why This Rotation Makes Sense
The tower business rests on three pillars:
- Scale and sharing: the more tenants per site, the greater the efficiency and return.
- Industrial management: standardization, operation, and maintenance with high availability.
- Discipline: divestment of non-strategic assets to strengthen the core.
In this context, the potential sale of Towerlink France to an digital infrastructure and data center specialist like VIF clarifies each actor’s role: Cellnex in towers and infrastructure; VIF in data centers and complementary digital assets.
What Remains Uncertain
- Timeline for information and consultation with employee representatives in France.
- Timeframes and conditions for regulatory approvals.
- Details about the perimeter of the transaction (assets, contracts, staff) after internal processes are completed.
- Use of Funds received (deleveraging, investments, etc.), which the company has not yet specified.
Until then, the agreement does not commit to executing the sale but keeps options open under defined terms.
Frequently Asked Questions
What is a “put” agreement and how does it impact the sale of Towerlink France?
A “put” agreement grants Cellnex the right (not the obligation) to sell 99.99% of Towerlink France to VIF under agreed conditions. The execution depends on completing the labor process in France and obtaining the usual regulatory and contractual approvals.
What is the estimated value and how would the payment be made?
The contemplated transaction amounts to 391 million euros, to be paid entirely in cash. No closing until all procedural formalities are completed.
Why is Cellnex selling its data center business in France?
The company frames the operation within its strategic roadmap to focus on core telecom infrastructure. The rotation aims to optimize capital allocation and focus on towers and shared sites.
Who is Vauban Infra Fibre, and what are its intentions with Towerlink?
VIF is a French entity backed by Vauban Infrastructure Partners, Crédit Agricole Assurances, and Raffles (GIC). Its plan is to boost Towerlink’s presence in the French data center market and leverage synergies with other digital assets in its portfolio.
via: cellnex