French-owned Iliad Group has announced that it has finalised the implementation of its strategic partnership with Spanish infrastructure firm Cellnex regarding the sale of its passive mobile infrastructure in France and Italy for EUR2 billion (USD2.2 billion). Cellnex paid EUR1.4 billion for a 70% stake in a newly established company – Iliad TowerCo – that will manage 5,700 sites acquired from Iliad’s French division (Iliad has retained the other 30%), alongside EUR600 million for 100% of Iliad Italia TowerCo, and its roughly 2,200 sites acquired from Iliad in Italy. Under the agreement, Cellnex will build 2,500 new sites in France and 1,000 in Italy between 2020 and 2027. For its part, Iliad will sign master agreements with Cellnex in France and Italy covering an initial period of 20 years, with automatic extensions of ten years. The deal was inked in May 2019.