DT, Cellnex finalise agreement to combine Netherlands tower business, form investment fund

4 Jun 2021

Cellnex and Deutsche Telekom (DT) have completed an agreement whereby Cellnex Netherlands will integrate T-Mobile Infra’s 3,150 telecommunications towers and sites in the Netherlands. After receiving the green light from the Dutch competition authorities, Cellnex will now operate a total of 4,314 sites in the Netherlands. Cellnex and T-Mobile Netherlands have also signed a 15-year contract, renewable for ten-year periods, granting T-Mobile full access to all infrastructure, also including rollout of 180 new sites.

DT contributes T-Mobile Infra’s tower assets plus EUR250 million (USD304 million) in debt to Cellnex Netherlands through the newly created DIV Fund which will hold a 38% stake in Cellnex Netherlands as a seed asset. As a part of the transaction, Cellnex has committed EUR200 million to DIV Fund in addition to a EUR400 million capital commitment from DT in the form of an asset contribution. The independently-managed DIV Fund will seek investments in European digital infrastructure assets such as fibre, towers and data centres.

The agreements were announced in January 2021 and closed on 2 June 2021.

Netherlands, Cellnex Telecom, Deutsche Telekom (DT), T-Mobile Netherlands