Cellnex and Phoenix Tower International's deal in Ireland inches further towards completion. On November 12 the CCPC confirmed it had delivered its preliminary assessment to Cellnex and Phoenix Tower International. Both towercos now have the right to respond in writing or request to make oral submissions after accessing the CCPC’s file.
In July 2024 the CCPC decided it needed to carry out a full Phase 2 investigation into the proposed purchase of Cellnex Ireland by Phoenix Tower International, concerned that increased concentration in the market may hinder competition. That process has now reached its final stages and the CCPC has confirmed it will issue its final decision no later than February 2025. Whether market remedies will be recommended remains to be seen.
Cellnex had agreed to sell its entire Irish tower portfolio to Phoenix Tower International (PTI) for €971 million, a move aligned with Cellnex's strategy under new CEO Marco Patuano to reduce leverage by selling non-core assets. This transaction is part of Cellnex’s “Next Chapter” strategy, which aims to simplify its corporate structure and focus on key growth markets. The sale involves approximately 2,000 Irish towers, and proceeds will help reduce Cellnex’s debt.
The deal will make PTI the largest tower company in Ireland, where it already operates 983 towers. PTI’s CEO Dagan Kasavana expressed enthusiasm for expanding in Europe, citing a successful acquisition track record and commitment to supporting Ireland’s telecom infrastructure. PTI operates over 25,000 towers in 26 markets worldwide and is poised for further growth in France due to recent agreements with Cellnex.
This move follows Cellnex’s September 2023 sale of a 49% stake in its Nordic operations and preceded an agreement to sell its Austria towers. The Irish market has seen notable activity, including Towercom's acquisition by John Laing in 2023, highlighting ongoing consolidation in the telecom tower sector.
