Cellnex Telecom has officially completed the sale of its business in Ireland to Phoenix Tower International (PTI) for a total of approximately €971 million. This transaction was initially announced on March 5, 2024. The acquisition involves PTI acquiring 100% of Cellnex’s operations in Ireland, marking a significant milestone for both companies.
Cellnex Growth in Ireland
Cellnex Telecom entered the Irish market in 2019 through the acquisition of Cignal, a prominent tower and site operator. This acquisition was followed by further expansion in 2020 when Cellnex acquired a portfolio of infrastructure assets from CK Hutchison across six European countries, including Ireland. At the time of this operation, Cellnex was managing around 2,000 sites in the country.
With the completion of this sale, Cellnex exits the Irish market, allowing it to focus even more on its key growth areas.
Announcement of Share Buyback Program
Following the conclusion of the sale, Cellnex will initiate its share buyback program, initially announced on January 14. This program will have a value of up to €800 million, aimed at reducing the company’s share capital through share repurchases. This move underscores Cellnex’s ongoing commitment to rewarding its shareholders.
Cellnex’s CEO, Marco Patuano, emphasized the importance of this step, stating: “As we announced in our earnings presentation, the share buyback program will start next Monday, marking a pivotal moment in Cellnex’s history.”
The buyback program is expected to conclude by December 2025 at the latest, or once the maximum amount allocated for share repurchases has been used. At the current market price, around 28 million shares are expected to be purchased.
About Cellnex Telecom
Cellnex is the leading European operator of towers and telecommunications infrastructure, providing shared access to telecom networks across the continent. The company manages over 130,000 sites in 10 European countries, including Spain, France, the UK, Italy, and Poland. Cellnex, which is listed on the Spanish Stock Exchange, is part of the IBEX35 and the Euro Stoxx 100, and is recognized for its sustainability efforts, being included in indices such as CDP, Sustainalytics, FTSE4Good, MSCI, and DJSI Europe.
via: CellNex