Clifford Chance advised Cellnex Telecom on the deal, while Linklaters has advised CK Hutchison.
This is a transformational deal – structured in six independent transactions – for Cellnex Telecom which creates a strategic alliance with Hutchison and entails the acquisition of 24,600 telecommunications sites, as well as an investment plan to deploy a further 5,250 new sites.
The agreement consists of an initial investment of close to 10 billion euros, of which some 8.6 billion euros will be paid in cash and the remainder in newly issued shares in Cellnex Telecom. These shares will represent approximately 5% of its share capital, once the acquisition is carried out.
Through this deal, Cellnex consolidates its presence in Ireland, Italy and the United Kingdom and enters three new European markets (Austria, Denmark and Sweden), thereby increasing its geographic presence to 12 countries and attaining a total of approximately 103,000 telecommunications sites.
Corporate Partners Joel Ziff (Picture – London) and Guillermo Guardia (Barcelona), TMT Partner André Duminy and Antitrust Partner Alex Nourry, with support from Senior Associates Nick Spurrell, Riaz Pirmohamed, Mark Fisher, Jamie Andrew, Julian Feiner and Chandralekha Ghosh, Director of Taxation Simon Corzberg, Counsel Begoña Barrantes and Associates José Maria Vilaseca, Sam Parry, Philippa Lawson and Jodie Chan, advised Cellnex Telecom on the M&A process. Finance Partner Epifanio Perez (Madrid) and Senior Associate Felipe Font advised Cellnex Telecom on the financing of the transaction.
The Linklaters multi-jurisdictional transaction team was led by Rob Cleaver (corporate partner, London), supported by Owen Clay (corporate partner, London), Jane Cai (corporate managing associate, London), Marly Didizian (TMT partner, London), Rich Jones (TMT managing associate, London), Julian Davies (SFG partner, London) and Aditi Srivastava (SFG managing associate, London), Alejandro Ortiz (corporate partner, Madrid), Chris Yip (corporate partner, Hong Kong), Chris Smale (tax partner, London) and Elisabet Lundgren (corporate partner, Stockholm).
Involved fees earner: Jamie Andrew – Clifford Chance; Jodie Chan – Clifford Chance; Simon Corzberg – Clifford Chance; André Duminy – Clifford Chance; Julian Feiner – Clifford Chance; Mark Fisher – Clifford Chance; Felipe Font – Clifford Chance; Chandralekha Ghosh – Clifford Chance; Guillermo Guardia – Clifford Chance; Philippa Lawson – Clifford Chance; María Begoña Barrantes – Clifford Chance; Alex Nourry – Clifford Chance; Sam Parry – Clifford Chance; Epifanio Perez – Clifford Chance; Riaz Pirmohamed – Clifford Chance; Nick Spurrell – Clifford Chance; José María Vilaseca – Clifford Chance; Joel Ziff – Clifford Chance; Jane Cai – Linklaters; Owen Clay – Linklaters; Robert Cleaver – Linklaters; Julian Davies – Linklaters; Marly Didizian – Linklaters; Rich Jones – Linklaters; Elisabet Lundgren – Linklaters; Alejandro Ortiz – Linklaters; Chris Smale – Linklaters; Aditi Srivastava – Linklaters; Christopher Yip – Linklaters;