Iliad Group has sold its current stake (30%) in OnTower Poland, a Polish telecommunications infrastructure company controlled by Cellnex (which holds 70%). The setup of OnTower Poland was the result of a collaboration between Iliad and Cellnex in 2021. The joint venture was formed as part of Cellnex’s acquisition of approximately 7,000 mobile sites from Polish operator Play
This transaction now grants Cellnex full control over its subsidiary in Poland. The transaction amount is €510 million.
The sale of Iliad’s stake in OnTower Poland aligns with the company’s overarching objective of optimising its portfolio and unlocking additional value. Iliad is said to expedite its path towards achieving an investment-grade rating by actively assessing strategic options. The company has committed to securing a BBB (better business bureau)- rating from S&P by 2024 and maintaining a BBB rating from Fitch.
OnTower Poland currently operates a total of 8,500 sites in Poland and plans to deploy up to c. 3,400 new sites up to 2030, and has a 20-year service provision contract with Play, extendable for additional 10-year periods.
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