Cellnex equals all-time highs after receiving approval in Italy to acquire the Hutchison towers

Cellnex’s important step in its expansion in Italy, one of its main markets. The company has received notification of the favorable decision from the Italian competition authority (Autorità Garante della Concorrenza) in relation to the project to acquire CK Hutchison’s assets in the country.

The market has received the news well. Cellnex shares have risen 0.57% to 52.80 euros, equaling the all-time high at the close of a session. The company has recorded a stock market rally in recent weeks. In fact, the securities are trading about 45% above the price established in the capital increase carried out last April. Cellnex is now the fifth stock of the Ibex 35, with a market capitalization of more than 35,870 million euros.

Now the company is preparing to continue its progress in the transalpine market. In a statement, the company explains that the Italian competition authority has given the green light to the acquisition by Cellnex Italia Spa of Hutchison, which manages and operates 9,100 telecommunications sites of the mobile operator WindTre in the country.

“In accordance with the authorization by the Italian competition authority, Cellnex must make available to FWA (Fixed Wireless Access) operators and new operators (those authorized to manage a mobile telecommunications network in the last five years ), a certain number of sites in municipalities with less than 35,000 inhabitants, establishing some additional auxiliary measures to allow access to them, ”the company points out.

The regulatory authorization in Italy was one of the most complex within the acquisition of Hutchison’s assets in the Old Continent, together with that of the United Kingdom. The closure of the operation in Italy is scheduled for the next few weeks, even before the company’s own forecasts, and will be added to the closures already announced in Austria, Ireland, Denmark and Sweden.

The operation is part of the framework agreement, announced last November, to acquire the 24,600 Hutchison sites in six European countries, Austria, Ireland, Denmark, Sweden, Italy and the United Kingdom. The operation had a total value of 10,000 million euros and the agreements also contemplate the deployment of up to 5,300 new sites (900 of which in Italy) in the next eight years with an additional investment of 1,100 million euros.

Portugal

In addition, Cellnex has announced that it will present a file with the Portuguese Competition Authority (Autoridade da Concorrência) in the coming days regarding the acquisition of 223 sites and 464 DAS and Small Cells that will be segregated from the Portuguese mobile operator’s tower division MEO.

This agreement extends the cooperation between Cellnex Portugal and MEO. Both companies have been working together in Portugal since January 2020, when Cellnex acquired OMTEL and the 3,000 sites it operated.

The operation involves an investment of 209 million euros. Cellnex Portugal currently operates 5,100 telecommunications sites in the Portuguese market, excluding the deployments of new non-executed sites (BTS – Built to Suit).

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