The Latest: Cellnex has reached an agreement to purchase Hivory – Altice France’s tower unit – for EUR5.2bn. To fund the acquisition, the Spain-based towerco is planning a EUR7bn capital increase. Implications: This deal is the latest development in Cellnex’s relentless expansion across Europe and the third significant agreement reached by the towerco since November 2019 – the other two being the acquisition of CK Hutchison’s European tower portfolio and the new partnership with Deutsche Telekom in the Netherlands. Having adopted a significantly aggressive expansion strategy over the past few years, Cellnex is the dominant towerco in Western Europe.
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