Cellnex has reached an agreement with the Portuguese mobile operator NOS for the acquisition of 100% of NOS Towering. The transaction initially involves c.2,000 telecommunications sites. This is a portfolio of telecommunication towers and rooftop antennas, located in urban (40%), suburban and rural (60%) areas throughout the country.

The transaction represents an initial payment of c. EUR 375 million (US$ 407.28 million) (EV), in addition to expansion Capex of up to c. EUR 175 million (US$ 190.06 million) related to perimeter increase (up to 400 new sites, including a Build-to-Suit program) and other agreed initiatives over the next 6 years. The acquisition will be financed with available cash.

Under the agreement, Cellnex and NOS have signed an initial 15-year contract, extendible by successive additional 15-year periods, under which NOS will continue to use the sites that Cellnex will operate, locating its voice and data signal transmission equipment there.

Likewise, taking into account the needs of the Portuguese market in terms of investments in the mobile network and higher densification needs –with a special focus on rural deployments to help overcome the digital territorial divide–, the agreement also foresees the increase of the perimeter by up to 400 new sites –including a BTS program– over the next 6 years.