Spanish company Cellnex has just acquired the entire portfolio of 10,500 French mobile sites from Hivory, SFR's TowerCo. Effective by the second half of 2021 and subject to approval by the authorities, the transaction was valued at 5.2 billion euros for Cellnex. It will also include an additional investment program of 900 million euros to deploy 2,500 new sites by 2029.
With this transaction, Cellnex is at the forefront of the mobile infrastructure market in France. Present in France since 2016 through its local branch, the group had more than 9,000 mobile sites throughout the country by 2020. The acquisition of Hivory puts Cellnex in the shoes of the sector leader, with nearly 20,000 mobile sites (antennas and rooftop terraces) across the country.
As under the agreements entered into by Bouygues Telecom and then Free with Cellnex, SFR is expected to remain the tenant of its former mobile infrastructure network for a period of at least 18 years, renewable for periods of 5 years.
The agreement signed with SFR illustrates the Group's strong ambitions in France and Europe. The Spanish mobile infrastructure champion has therefore just acquired one of its main competitors on the French market.
Now only TDF and the future TowerCo of Orange France remain on the French market to face the Spanish giant. This puts the latter in a comfortable position, before its new capital increase. This should enable it to finance a portfolio of acquisition projects, part of which has already been committed for the acquisition of Hivory in France and the integration of Deutsche Telekom's sites in the Netherlands.
For fiscal year 2019, the Group recorded a 15% increase in total revenues for the year and a 16% increase in EBITDA compared to the previous fiscal year. With operations in Spain, Italy, the Netherlands, France, Switzerland, the United Kingdom, Ireland, Portugal, Austria, Denmark and Sweden, the Spanish ogre now has a fleet of 120,000 sites, 75,000 of which are operational, with the remainder being acquired or deployed by 2028.
Source : ZDNet