Cellnex has announced it will acquire NOS Towering from Portuguese mobile operator NOS in a deal valued at €550 million.
The transaction involves the transfer of 2,000 existing sites and an agreement to add up to 400 new sites over the next six years.
There will be an initial payment of € 375 million, with a further €175 million potentially payable in accordance with the plan for the 400 new sites.
A Cellnex statement said the acquisition would be “financed with available cash”.
Under the terms of the agreement, Cellnex and NOS have signed an initial 15-year contract, which is extendible through additional 15-year periods. NOS will continue to use the sites that Cellnex will operate.
Once the assets are fully integrated and the new sites rolled out, the estimated additional EBITDA generated for the group is approximately €50 million.
With this transaction, Cellnex's backlog of future sales contracted will grow by €2 billion to €46 billion.
Cellnex CEO Tobias Martinez (pictured) said the deal demonstrated 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.”
Cellnex was advised by Portuguese law firm Vieira de Almeida (VdA) on the deal. With regard to the M&A aspects of the deal, the VdA team was led by Maria Cunha Matos, with Jorge Bleck responsible for the overall coordination, in collaboration with Cláudia da Cruz Almeida and Magda Cocco. The team also included Maria Leonor Piconez, Tiago Bessa, Isabel Ornelas, Pedro Pereira Coutinho, and Sara Mendonça.