Spain’s Cellnex to acquire France’s Hivory, raise fresh funds

BARCELONA: Spanish mobile phone mast operator Cellnex will raise up to 7 billion euros ($8.4 billion) to fund the acquisition of telecoms tower company Hivory and significantly expand its presence in France.

Since its listing in 2015, the Barcelona-based firm, which currently has a market capitalisation of 23.9 billion euros, has grown rapidly to become Europe’s largest mobile phone towers operator by buying up assets which have retained their appeal for investors thanks to their steady cash flows.

In its latest major deal, Cellnex reached an agreement with Altice and Starlight Holdco to acquire Hivory, which has around 10,500 masts in France, planning an initial investment of 5.2 billion euros, it told the Spanish stock market regulator on Wednesday.