Cellnex has reached an agreement with the American investment firm Stonepeak for the sale of a 49% stake in its Swedish and Danish subsidiaries for an amount of 730 million euros, as announced this Friday by the company to the National Market Commission. Securities (CNMV).

The group anticipates that the closing of the transaction will take place in the first quarter of 2024 “at the latest”, subject to customary regulatory approvals.

Cellnex will allocate the income obtained through this operation to reduce debt, in line with the objectives set in November 2022 focused on organic growth and the achievement of investment grade by S

“This agreement, along with other strategic options for our asset portfolio that can be analyzed, will help Cellnex crystallize value and accelerate the deleveraging plan,” the company stressed.

In this sense, Cellnex has reiterated in its communication to the CNMV its “unconditional” commitment to achieving investment grade with the S rating agency.

The company has explained that it will continue to manage the daily operations of its subsidiaries in Sweden and Denmark and will consolidate the business on its balance sheet and income statement.

Cellnex provides mobile operators in the Nordic countries with placement services for their wireless communication equipment through a network of 4,557 sites spread across Sweden and Denmark. The company has commitments and options to build and operate approximately 2,500 additional sites in the region.

Marco Patuano, CEO of Cellnex, stated that the sale of a minority stake in the Nordic business “represents another important step towards the objective of achieving investment grade.”

“The agreement with Stonepeak demonstrates Cellnex’s ability to attract the interest of leading financial partners who understand and value the inherent quality of the assets, as well as the opportunities anticipated in these markets,” he noted.

For his part, the general director of the infrastructure and real estate investment firm Stonepeak, Cyrus Gentry, has highlighted that Cellnex, “as the main independent tower company in the Nordic countries, is strategically well positioned to achieve great organic and inorganic in the coming years.

“Partnering with Cellnex, which has a strong track record of financial results, turnkey project delivery and mergers and acquisitions, is a natural fit into Stonepeak’s key infrastructure strategy,” he added.

For this operation, Stonepeak has Nomura Securities and Guggenheim Partners as financial advisors, and Herbert Smith Freehills LLP as legal advisor, while Cellnex has AZ Capital as financial advisor and Baker