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Cellnex, UK Antitrust Board approval to take control of Ck Hutchison Towers has arrived

With the green light of the British Antitrust Authority, the process selnex to buy constellations to CK Hutchison in Europe. Announced in 2020, a €10 billion maxi agreement (8.6 billion in cash and 1.4 billion shares, equivalent to 5% of the Spanish company) participated in the acquisition of approximately 24,600 towers of the multinational aisatica in Austria, Ireland, Denmark, Sweden, Italy and the United Kingdom. The approval from the UK Competition and Markets Authority, which was asked to give its opinion on the acquisition of 6,000 towers on British soil, was the last piece still missing from the completion of the process. As a condition of getting the green light, the UK antitrust firm placed the sale of nearly a thousand towers Cellenx already owned in the country, that is, those that could be considered geographically overlapping with the Ck Hutchison sites involved in the deal.

The operation – recalls Cellnex, which has Edizione (8%) and Gic (7%) as major shareholders – also envisages building 5,250 new sites in eight years, with an additional investment of 1.15 billion euros.

The acquisitions were organized into six separate transactions One for each country. This way, Cellnex and Ck Hutchison will be able to proceed with the various shutdowns once they have received the green light from the relevant national authorities. Once the UK transaction is completed Ck Hutchison will enter the capital structure of Cellnex, in order to Part of the payment in stock. Finally, the agreement provides for Cellnex to sign utility contracts with Ck Hutchison in various countries, for an initial period of 15 years, renewable for another 15 years and then for further periods of 5 years.

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Earl Warner

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