Phoenix Tower Agrees to Buy Cellnex Irish Unit for €971 Million
A Cellnex tower in Ireland.
Source: Cellnex Telecom SA
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Phoenix Tower International has agreed to buy Cellnex Telecom SA’s Irish business for about €971 million ($1.1 billion) as the Spanish tower operator looks for ways to streamline its operations and pay down debt.
The deal, which must still be approved by regulators, will help Cellnex reach its goal of gaining an investment grade rating from S&P by the end of the year, the company said in a statement on Tuesday.