Cellnex Sells Austrian Subsidiary for Around $877 Million
Provided by
Dow Jones
By Cristina Gallardo
European tower operator Cellnex sold its On Tower Austria subsidiary to a consortium formed by Vauban Infrastructure Partners, EDF Invest and MEAG for 803 million euros ($876.8 million).
The Madrid-listed company said Friday that the deal includes an unconditional deferred payment of 272 million euros to be made in December 2028.
Chief Executive Marco Patuano had previously said the group might sell some of its assets to strengthen its balance sheet.
Cellnex entered Austria after taking over CK Hutchison's European tower assets in 2021.
Write to Cristina Gallardo at cristina.gallardo@wsj.com
(END) Dow Jones Newswires
August 09, 2024 07:24 ET (11:24 GMT)
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