Cellnex Buys Portfolio of 1,000 Towers in the UK and Netherlands

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Cellnex Telecom announced last Friday that it has reached an agreement to acquire 100 percent of Shere Group, a group managing sites in the Netherlands and the UK. The operation, comprising an investment of € 393 million, involves acquiring the portfolio of 1,004 mobile telecom sites operated by Shere.

Cellnex Telecom President Francisco Reynés underlined that “the agreement is consistent with our initial implementation strategy of executing small transactions followed up with consolidation in the markets in which Cellnex is primarily focused in Europe. The efforts made by the Cellnex team over the last 18 months have led to this new transaction in the Netherlands and the UK, consistent with our model as an independent telecommunications infrastructure operator.”  

Meanwhile, Cellnex CEO Tobías Martínez observed that the acquisition of Shere “bolsters Cellnex both in terms of expansion and the diversification of our customer base, which already includes a majority of the key European operators, as well as the expansion and diversification of our geographical base. In terms of figures, Cellnex will now generate 40 percent of its revenue outside Spain and, once we complete the acquisition of Shere, will have a backlog, i.e., contracted sales for the coming years, of € 8.4 billion.”

The 464 sites that Shere operates in the Netherlands are spread evenly throughout the country. They also complement the network of 261 sites that Cellnex already manages, without duplication. The tenancy ratio of the infrastructures located in Shere Group’s sites in the Netherlands stands at 2.7x.

The 540 sites located in the UK are concentrated mainly in England and Wales. The tenancy ratio of those sites is 1.6x.

According to Martínez: “With the UK we are not only bringing on board a new European country, further bolstering the geographical continuity of the markets in which we operate, but we are entering a particularly significant and dynamic market for the infrastructure operator sector since the management of these sites involves a high degree of outsourcing.”

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