Linklaters advises Arqiva Group Limited on the sale of Telecoms division to Cellnex for £2bn

Linklaters have advised Arqiva Group Limited on the sale of their telecoms division (towers business) to Cellnex Telecom SA for £2billion. The transaction covers approximately 7,400 of Arqiva’s cellular sites, including masts and towers as well as urban rooftop sites, and the right to market a further 900 sites across the UK.

Arqiva’s telecoms division supports UK MNOs in delivering and extending nationwide mobile coverage, as well as the rollout of 5G technology and small-cells and also serves all four UK mobile network operators.

The Linklaters team was led by Corporate partner and Global Co-Head of Infrastructure, Jessamy Gallagher, along with Corporate managing associate Nicole Meyer and corporate partner David Martin. The team also included UK Head of Competition, Nicole Kar, competition partner Simon Pritchard, global Co-Head of Fintech & TMT, Julian Cunningham-Day and finance partner Reza Taylor; as well as managing associates Mark Daniel, Rich Jones and Elisabeth Johnson.

The firm is continuing to see a flow of significant transactions in the digital infrastructure space, and the Arqiva carve out sale follows roles on other digital infrastructure transactions including acting for OMERS Infrastructure Management Inc., Allianz Capital Partners and AXA Investment Managers in relation to their acquisition of a 49.99% stake in SFR FTTH, Altice's fibre to the home business, and subsequent financing of an €1.9billion capex facility which SFR FTTH used to fund the roll-out of an ultra-high-speed fibre to the home network across France. The firm has also advised Helios Towers plc on its proposed initial public offering.