AZ Capital advised Cellnex on the merger of its towers in the Netherlands with Deutsche Telekom’s and the creation of an independent investment vehicle

Cellnex Telecom S.A., listed in the Spanish Stock Exchange (IBEX 35), is the main independent infrastructure operator for wireless telecommunication in Europe. Cellnex has reached an agreement with Deutsche Telecom A.G., through Digital Infrastructure Vehicle 1 SCSp (“DIV”), for the contribution in kind of the shares of T-Infra BV in exchange for a stake in Cellnex Netherlands BV.
DIV, a new investment fund managed by Digital Transformation Capital Partners and anchored by Deutsche Telekom and Cellnex as limited partners, will sign with Deutsche Telecom Europe BV a purchase agreement for 100% of the shares of T-Infra BV and will provide the right to acquire these shares to Cellnex Netherlands BV in exchange for Cellnex Netherlands BV issuing new shares that will be subscribed by DIV (and a Foundation to be set up by DIV) and that will represent in total 38% of the share capital of Cellnex Netherlands BV. T-Infra BV owns approximately 3,150 telecommunication sites in the Netherlands, includes around 250 million euros of debt and is expected to generate an annual Adjusted EBITDA of approximately 63 million euros upon completion of a BTS program of up to 180 additional sites over the next 7 years that has been agreed. Cellnex has committed to invest 200 million euros in DIV (whose first investment is the 38% stake in Cellnex Netherlands BV). Further, Cellnex has the right to co-invest with a stake of 51% in any opportunity originated by DIV in relation to towers, rooftops, masts, small cells or BTS programs.


AZ Capital

Advised in the sale of

Deutsche Telekom (Dutch telecom tower business)


Deutsche Telekom (Dutch telecom tower business)

Technology, Media, and Telecom

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