Spain’s Cellnex signs $11.8 bln phone mast deal with CK Hutchison

MADRID: Spanish mobile phone mast operator Cellnex unveiled its biggest purchase to date on Thursday with a deal to buy 24,600 telecom towers across Europe from Hong Kong’s CK Hutchison for 10 billion euros ($11.81 billion).

Cellnex expects to boost its annual revenues by around 1.2 billion euros through the deal, under which it also plans a further investment of up to 1.4 billion euros on as many as 5,250 new sites.

Since listing in 2015, the Barcelona-based firm has grown rapidly, buying up assets which have retained their appeal for investors despite the coronavirus crisis, thanks to their steady cash flows.