Cellnex Telecom SA agreed to sell a stake in its businesses in Denmark and Sweden for about €730 million ($772 million) in a drive to cut debt.
Private equity firm Stonepeak has agreed to buy a 49% holding in the operations for a €558 million upfront payment plus €130 million three years after closing and a €40 million earn out, expected in 2026, Cellnex said in a statement on Friday. The transaction is expected to close no later than the first quarter.
The deal marks Cellnex’s first major divestment since Marco Patuano took over as chief executive officer of Europe’s largest tower operator in June with a mandate to retool its strategy after years of acquisitions. While Patuano has signaled that reining in debt is a priority, he has also said that the company could look to financial investors to help fund deals if needed.
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