Cellnex Telecom has agreed to sell a 49% stake in its Nordic subsidiaries, Cellnex Sweden and Cellnex Denmark to Stonepeak for EUR730 million (US$768.5 million).

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately US$57.1 billion of assets under management. The firm provides capital, operational support, and committed partnerships to sustainably grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, social infrastructure, and real estate. Cellnex is the independent wireless telecommunications and broadcasting infrastructures operator that enables operators to access Europe’s most extensive network of advanced telecommunications infrastructures on a shared-use basis, helping to reduce access barriers for new operators and to improve services in the most remote areas. Cellnex manages a portfolio of around 135,000 sites in Spain, Italy, the Netherlands, France, Switzerland, the United Kingdom, Ireland, Portugal, Austria, Denmark, Sweden and Poland. 

Cellnex will oversee the daily operations of Cellnex Nordics and consolidate its outcomes. The transaction, pending regulatory approvals, is anticipated to conclude by the Q1 of 2024 at the latest. Nomura International Plc acts as the lead financial advisor, Guggenheim Securities as financial advisor, and Herbert Smith Freehills LLP as legal counsel for Stonepeak. AZ Capital serves as a financial advisor, and Baker & McKenzie LLP is the legal counsel for Cellnex.