Cellnex has begun to activate its new strategy after the change of management team with the sale of a minority package (49%) of its subsidiaries in Sweden and Denmark to the American investment firm Stonepeak. The amount is 730 million euros, according to a statement sent to the company by the National Securities Market Commission (CNMV).
With that money, the company that Marco Patuano has run since June, replacing Tobías Martínez, will reduce its debt. The group’s objective is to improve the solvency rating by international rating agencies. Coinciding with the new scenario of high interest rates, Cellnex has put aside the purchases and capital increases of recent years to focus on making the business profitable and reducing debt.
The transaction is expected to close in the first quarter of 2024 “at the latest”, subject to customary regulatory approvals.
The Spanish company will appoint the management team of the company resulting from the operation in consultation with Stonepeak. Dividends are expected to be distributed proportionally to the shares of its shareholders based on available cash and the results of the business plan, with preferential treatment towards Stonepeak in the event of a negative deviation from the initially agreed upon business plan.
The expected dividend in 2024 corresponding to Stonepeak’s participation will be approximately 23 million euros, with an annual growth of more than 5% from that year onwards.
“This agreement, along with other strategic options for our asset portfolio that can be analyzed, will help Cellnex crystallize value and accelerate the deleveraging plan,” the company explained in a statement.
