European infrastructure giant Cellnex has reached an agreement with Altice Europe and Belmont Infra Holding, to acquire 100% of Portuguese tower operator OMTEL for an enterprise value of EUR800 million (USD895 million). Altice has clarified that its 25% stake in the business is valued at EUR200 million, but the actual sale is contingent on the larger transaction completing successfully.
OMTEL currently operates 3,000 sites in Portugal – around 25% of the overall cell towers in Portugal – while the deal also includes a commitment to roll out a further 400 sites over the next four years; this deployment is expected to cost around EUR140 million. OMTEL’s main client is said to be PT Portugal (MEO), which is owned by mutual shareholder Altice Europe.
Following the deal’s successful conclusion, Portugal will become Cellnex’s eighth European market.