Telecoms group Iliad has agreed to sell its mobile tower assets in France and It...
PARIS - Telecoms group Iliad has agreed to sell its mobile tower assets in France and Italy to Cellnex for 2 billion euros , in a deal aimed at strengthening its balance sheet and general financial position.
Nevertheless, the planned asset sale lifted Iliad’s shares by around 6 percent in early session trading, although Iliad’s stock price remains down by around 20 percent so far in 2019. “This transaction is part of a long- term industrial strategy allowing us to accelerate rollout of our 4G and 5G networks and to increase Iliad’s investment leeway,” said Iliad chief executive Thomas Reynaud.
In France alone, Cellnex signed in 2017 a deal with Iliad’s rival Bouygues Telecom to acquire a total of 3,000 sites for close to 900 million euros.
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