Cellnex buys up NOS’ telecoms tower assets for €375m

NOS will retain access to the towers, through a 15 year revolving lease back arrangement
Cellnex, Towers, NOS, Portugal

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European telecoms infrastructure firm, Cellnex has agreed to buy Portuguese operator NOS’ entire portfolio of telecoms tower assets, for a reported €375 million.

Cellnex will take possession of around 2,000 telecommunications towers in Portugal, located in urban (40 per cent) and rural (60 per cent) locations across the country.

The transaction represents an initial payment of €375 million, with scope to add an additional Capex of up to €175 million, to cultivate up to 400 new sites over the next 6 years. The acquisition will be financed with available cash.

“[The deal underlines] the capacity of Cellnex teams, both at corporate level and in Portugal, to continue progressing in new agreements with our customers, even at a particularly complex and sensitive scenario as the one we are currently facing,” said Cellnex CEO Tobias Martinez.

“The agreement reached with NOS reinforces the nature and the neutral and independent operator profile that characterises the Cellnex model. Following the very recent agreement to acquire OMTEL, also in Portugal, this transaction exemplifies the sense of being an operator which, precisely due to its neutral and independent nature, can consolidate long-term collaboration projects with the various MNOs and telecom operators who access our infrastructures to roll out their telecommunications networks.”

NOS and Cellnex have signed a 15 year lease back agreement, giving the Portuguese operator access to the sites.

With this transaction, Cellnex’s backlog of future sales contracted will grow by €2 billion to €46 billion.

The deal will be subject to the usual administrative and regulatory approvals.

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