Cellnex Sells Stake in Swedish, Danish Businesses for More Than $700 Million

   By Mauro Orru 
 

Cellnex Telecom has agreed to sell a stake in its Swedish and Danish subsidiaries to investment firm Stonepeak for about 730 million euros ($771.4 million), which it plans to use to reduce its debt.

The Spanish wireless-telecommunications company said Friday that Stonepeak would acquire a 49% stake in Cellnex Sweden and Cellnex Denmark, though Cellnex will continue to manage the day-to-day business of its Nordics business and consolidate the results of its operations.

"We believe Cellnex Nordics, as the region's leading independent tower company, is strategically well positioned to capture outsized organic and inorganic growth over the coming years," Cyrus Gentry, Stonepeak managing director, said.

The business provides mobile-network operators with co-location services for their wireless networking equipment through a network of 4,557 sites across Sweden and Denmark.

The deal, subject to regulatory approvals, is expected to be completed by the first quarter of next year at the latest.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

September 29, 2023 03:04 ET (07:04 GMT)

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