SPANISH infrastructure firm Cellnex has agreed to buy the telecoms division of British rival Arqiva for £2bn, making it the largest independent operator of mobile masts in the UK.
The deal will add roughly 7,400 sites to Cellnex's portfolio, as well as the rights to market roughly 900 additional sites across the UK serving all four mobile operators.
The agreement also grants the Spanish firm permission to use street infrastructure as locations for telecoms sites in 14 London boroughs, which the firm said was a key factor for the rollout of 5G in the capital.
Cellnex said it will finance the deal through a £2bn loan facility and cash reserves. The firm has also approved the launch of a €2.5bn (£2.2bn) rights issue.
"The Arqiva Telecoms division acquisition is a key milestone for Cellnex," said Tobias Martinez, chief executive of Cellnex.
"Its strong UK asset-base, revenues and financial profile... make it a perfect addition to our operations."
(c) 2019 City A.M., source Newspaper