Cellnex Telecom has completed the divestment of Towerlink France, its data center subsidiary in France, after closing the sale of 99.9% of the company to VIFSP6 Trinity, a company controlled by Vauban Infra Fibre. The transaction was fully settled in cash for 391 million euros and follows the completion of the formal information and consultation process with the Cellnex France employee committee and the necessary approvals from French authorities regarding foreign direct investment.
Beyond the amount, this move confirms an increasingly clear pattern: Cellnex continues to simplify its scope to focus on its core business as a neutral-host telecommunications infrastructure operator in Europe. That is, a company that builds, operates, and leases “neutral” infrastructure — primarily towers and sites — so different operators can deploy and densify coverage without duplicating assets.
A closed deal, but with a long-term perspective
The agreement was announced in October 2025, but the effective closing depended on usual conditions for such transactions, especially for assets considered strategic by the recipient country: internal labor consultations, regulatory approvals, and validation of security and foreign investment control requirements.
With the closing now formalized, Towerlink France becomes part of Vauban Infra Fibre, a platform owned by Crédit Agricole Assurances and Raffles, a subsidiary of Singapore’s sovereign wealth fund GIC. For Vauban, this acquisition aligns with a narrative of consolidation and growth in critical digital infrastructure within the French market.
For Cellnex, the sale is seen as a capital allocation decision: divesting non-strategic assets to strengthen its balance sheet and prioritize investments with more predictable returns, typically tied to long-term contracts with mobile operators and wireless infrastructure clients.
Why divest in data centers?
In the European market, data centers have become an increasingly competitive asset — both in terms of investment volume and political sensitivity — due to their role in the digital economy and especially in the deployment of artificial intelligence. However, Cellnex has communicated in recent quarters that its focus is shifting toward being (more and more) a pure infrastructure company specializing in telecommunications: towers, small cells, DAS solutions, and services related to 5G networks and future evolutions.
In this vein, the divestment in France helps clarify its profile and prevents resource dispersion in verticals that, while complementary, compete for capital and executive attention with the core business.
Cellnex’s CEO, Marco Patuano, described the transaction as a milestone in the company’s strategic roadmap, highlighting the positive impact on strengthening the balance sheet to sustain growth, support clients’ digital transformation, and maintain long-term value creation.
A recurring pattern: Ireland and Austria as precedents
The sale in France is not isolated. In recent years, Cellnex has executed other transactions to adjust its geographic exposure or rotate assets to strengthen its financial position.
Two recent references help illustrate the sequence:
- Ireland: sale of the business to Phoenix Tower International (PTI) for 971 million euros.
- Austria: sale of its subsidiary for 803 million euros (mentioned in the context of the company’s recent divestments).
Collectively, these operations point to a coherent strategy: rotating selected assets to maintain financial flexibility and focusing expansion on the core neutral-host model in Europe.
Quick facts about the transaction
| Element | Detail |
|---|---|
| Asset sold | Towerlink France (data centers in France) |
| Participation transferred | 99.9% |
| Buyer | VIFSP6 Trinity (controlled by Vauban Infra Fibre) |
| Amount | 391 million euros |
| Payment method | Cash |
| Status | Deal completed (January 2026) |
| Strategic fit (Cellnex) | Simplification of scope and focus on neutral-host infrastructures |
Potential sector implications
From a market perspective, the deal is significant for two reasons:
- Growing specialization: In Europe, the divide accelerates between pure “tower” and wireless connectivity operators versus groups integrating data centers as their core business. Strategic clarity tends to favor simpler narratives for investors and rating agencies.
- Consolidation of digital infrastructure in France: Vauban reinforces its position in a market where demand for capacity, connectivity, and proximity continues to rise, driven notably by the growth of data-intensive workloads.
In the short term, focus will be on how Cellnex reallocates the proceeds and how Vauban integrates Towerlink France into its French portfolio seamlessly, without operational or commercial positioning issues.
Frequently Asked Questions
What exactly has Cellnex sold in France?
It has sold Towerlink France, its data center subsidiary, transferring 99.9% of its stake to a company controlled by Vauban Infra Fibre.
Why is it relevant that the operation was paid “entirely in cash”?
Because it directly increases the company’s liquidity and financial flexibility, often facilitating investment decisions (or debt reduction) without relying on complex structures.
What does it mean that Cellnex is focusing on “neutral-host” infrastructures?
This indicates that its primary business is operating infrastructure (towers, sites, small cells, DAS) that can be used by multiple operators and clients, avoiding network duplication and enabling deployments such as 5G.
How is this sale related to the transactions in Ireland and Austria?
It forms part of the same portfolio optimization approach: rotating certain assets to strengthen the balance sheet and concentrating resources on the core wireless infrastructure model in Europe.