Spanish telecoms firm Cellnex buys Alticom to grow in the Netherlands

Integral service around a transaction
BY : Diego GutiérrezSeptember Wed, 2017
Cellnex Telecom has completed the acquisition of Dutch infrastructure operator Alticom. The transaction, which has been closed for €133M, will result in the addition of 30 new towers in the Netherlands and will provide the company with €11.5M of EBITDA in 2018.

Cellnex buys Alticom for €133M

Cellnex, Europe's leading independent wireless infrastructure operator, has acquired the Dutch company Alticom. It is committed to its growth in the Netherlands as an independent telecommunications infrastructure operator. In this country, there is also a higher penetration of mobile broadband based on 4G.

Alticom has wireless transmission equipment for voice, data and audiovisual content, which will join the 758 sites that Cellnex Netherlands has had until now.

With this purchase, Cellnex is taking a step into the future of 5G, thanks to the ability of Alticom's equipment to accelerate data processing and increase the pace of traffic.

Cellnex corporate finance analysis

corporate finance spain

Cellnex is at a good time to realise acquisitions. Over the last 3 years, Cellnex has experienced annual revenue growth. In 2016 it grew by 39% and in 2016 it grew by 16%, reaching revenues of €670M. 36% of revenues and 33% of ebitda are generated outside the Spanish market (in 2014 95% of ebitda originated in Spain). Italy is the second most important market with €239m of revenues (34% of the total).

On the other hand, its operating profit grew by 23 % in the last year.

Its solvency ratio has increased due to the acquisitions made in the last year. This debt had an average cost of 2.6 % at the end of 2016.

What other acquisitions has Cellnex made?

Apart from the purchase of Alticom, Cellnex has made two more acquisitions in the last year, with the aim of expanding in Europe. In 2016, it reinforced its commitment to Italy by buying for €18.65m. CommsConan operator that provides mobile broadband coverage solutions in large open or enclosed spaces characterised by a high concentration of users.

 A few months later, it bought Shere Group, which allowed it to enter the UK and strengthen its position in the Netherlands. Shere Group owns 1,004 telephone towers, of which 540 units are spread across the UK, mainly in England and Wales.

According to the company itself, Cellnex has €2000M to grow through acquisitions. In addition to the markets in which it is already present, Cellnex plans to expand into other Western European countries such as Germany and Switzerland with the aim of expanding its perimeter.

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