Stonepeak, an alt investment firm focused on infrastructure and real assets, will pay €730m to acquire a 49% stake in Cellnex Nordics, the Swedish and Danish subsidiary of independent European telecoms infrastructure specialist Cellnex Telecom (Cellnex).
The deal price is equivalent to a multiple of 24x 2024 EBITDA. Cellnex will continue to manage the day-to-day operations of Cellnex Nordics, which provides mobile network operators with colocation services for their wireless networking equipment through a network totalling 4,557 sites across Sweden and Denmark today. The transaction is subject to regulatory approvals and is expected to be completed by the first quarter of 2024 at the latest.
Cellnex will use the proceeds of this deal to reduce its debt, in line with the objectives set in November 2022 which prioritise organic growth and achieving an investment grade credit rating by S&P.
Nomura International Plc is serving as lead financial advisor, Guggenheim Securities is serving as financial advisor, and Herbert Smith Freehills LLP is serving as legal counsel to Stonepeak. AZ Capital is serving as financial advisor and Baker & McKenzie LLP is serving as legal counsel to Cellnex.
