October 8, 2019 / 7:24 AM / 8 days ago

Cellnex to buy Arqiva's telecoms division for 2 bln pounds with a share capital increase

Oct 8 (Reuters) - Spanish wireless infrastructure operator Cellnex said on Tuesday that it had reached an agreement to buy Arqiva’s telecoms division for 2.0 billion pounds ($2.46 billion).

The company said it would launch a rights issue of 2.5 billion euro ($2.75 billion) to partially finance the acquisition.

The transaction involves the acquisition of about 7,400 owned sites and the rights to market about 900 additional sites in the United Kingdom.

The business and assets that the company will acquire are expected to generate up to about 170 million pounds ($208.71 million) of annual adjusted EBITDA in 2020.

Closing of the transaction is expected in the second half of 2020. ($1 = 0.8145 pounds) ($1 = 0.9107 euros) (Reporting by Joanna Jonczyk-Gwizdala, editing by Andrés González and Ashifa Kassam)

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