Not having received other offers, Atlantia sold 29,9% of Cellnex, the Spanish telecommunications tower company, to Edizione, the holding company that controls Atlantia itself. The transaction – concluded at the price of 21,50 euros per Cellnex share (cum dividend), equal to a consideration of 1,489 billion – is part of the acquisition of Abertis by Atlantia with Acs and Hochtief.
Please note that the Edizione offer also provides for the terms and conditions of a possible price adjustment according to an earn-out mechanism in the 12 months following the transfer, in line with the provisions of the Purchase option for the number of shares involved of the sale.
As part of the transaction, the note recalls, Edizione will grant Atlantia: the right (personal and non-transferable) to co-invest in Cellnex, by purchasing up to 20% of the Stake (equal, transparently, to approximately 6% of Cellnex) within 2 years following the execution of the sale; a 'right of first offer' and a 'right of first refusal' for the hypothesis in which Edizione intends to sell – directly or indirectly – in whole or in part, the shareholding within 7 years following the execution of the sale.
The transaction, concludes the note, received a favorable opinion from the Committee of independent directors for Transactions with Related Parties.
Edizione "notes with satisfaction that Atlantia, as part of the agreements signed with Acs and Hochtief", has made use of the faculty to designate it as the purchaser of the 29,9% stake in Cellnex Telecom held by Abertis and recalls that "the transaction is subject to the positive outcome of the tender offer in progress for Abertis shares”.
Edizione underlines how “the desire to acquire the stake in Cellnex pursues, both in terms of size and geographical presence, the portfolio diversification objectives of Edizione, and represents a long-term strategic investment, with significant growth prospects, also possible thanks to the quality of the current top management and the strategic vision of the CEO, Tobias Martinez”.
Thanks to a consolidation strategy in the transmission tower sector launched in 2015, Cellnex is today a leading independent operator in Europe in wireless telecommunications infrastructure. The company, present in Spain, Italy, France, the Netherlands, Switzerland and the United Kingdom, is listed on the Spanish stock exchange with a capitalization of over 5 billion.
