Cellnex sells Irish subsidiary

Cellnex sells Irish subsidiary

CELLNEX: Mobile phone tower network is Europe’s largest Photo credit: Cellnex.com

Spanish multinational Cellnex Telecom is selling its Irish subsidiary to Phoenix Tower International for €971 million.

The telecommunications infrastructure company, whose network of mobile phone towers is the largest in Europe, said on March 5 that it was reviewing its portfolio and would “focus on core markets and businesses.”

Cellnex is setting its sights on revenue of between €4.5 and €4.7 billion by 2027, excluding energy costs, which will be passed on to clients.

This represents an average annual growth rate of 6 per cent, with adjusted earnings before interest, taxes, depreciation and amortisation of between €3.80 and €4billion, averaging 7 per cent.

The company will be introducing a cost-efficiency plan aimed at improving profitability and intends to return cash to shareholders through dividends and buybacks between 2026 and 2030, it said.

The Cellnex statement added that earlier payouts might be possible, depending on its debt ratio and credit rating.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.