Cellnex Telecom’s EUR 10 Billion Acquisition Of The European Telecommunications Tower Assets Of CK Hutchison Holdings

Clifford Chance and Wolf Theiss advised Cellnex Telecom on the deal, while Linklaters and Freshfields have 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).

The Wolf Theiss team consisted of Horst Ebhardt, Rahim Rastegar, Associate (Corporate and M&A), Christopher Juenger, Associate (Corporate and M&A), Daniel Schmidt, Associate  (Regulatory), Melanie Dimitrov,  Consultant (Tax), Erik Steger, Partner (Real Estate), Eva Stadler, Counsel (Tax), Georg Knafl, Associate (Regulatory), Guenter Bauer, Partner (Competition law), Harald Strahberger, Senior Associate (Regulatory), Hartwig Kienast, Partner (Corporate and M&A), Iris Riepan, Consultant (Real Estate, Regulatory), Johannes Sekanina, Associate (IP), Karl Binder, Partner (Real Estate), Katja Rehberger, Associate (Real Estate, Regulatory), Michael Meindl, Associate  (Real Estate, Regulatory), Martina Hiebl, Associate (Corporate and M&A), Matthias Unterrieder, Partner (Employment), Michael Kienzl, Senior Associate (Corporate and M&A), Niklas Schmidt, Partner (Tax), Paulina Pomorski, Senior Associate (IP), Roland Marko, Partner (IP),  Robert Wagner, Partner (Competition Law), Martin Gassler, Associate (Competition Law), Tanja Melber, Consultant (Real Estate, Regulatory) and Victor Leon Eggenberger, Associate (Real Estate, Regulatory).

Involved fees earner: Andrea Andolina – Clifford Chance; Jamie Andrew – Clifford Chance; Angela Benincasa – Clifford Chance; Simonetta Candela – Clifford Chance; Jodie Chan – Clifford Chance; Simon Corzberg – Clifford Chance; Iolanda D’Anselmo – Clifford Chance; Luciano Di Via – Clifford Chance; André Duminy – Clifford Chance; Julian Feiner – Clifford Chance; Mark Fisher – Clifford Chance; Felipe Font – Clifford Chance; Chandralekha Ghosh – Clifford Chance; Pasquale Grella – Clifford Chance; Guillermo Guardia – Clifford Chance; Philippa Lawson – Clifford Chance; Pasquale Leone – Clifford Chance; Lorena Loos – Clifford Chance; María Begoña Barrantes – Clifford Chance; Marina Mobiglia – Clifford Chance; Alex Nourry – Clifford Chance; Vittorio Novelli – Clifford Chance; Sam Parry – Clifford Chance; Umberto Penco Salvi – Clifford Chance; Epifanio Perez – Clifford Chance; Riaz Pirmohamed – Clifford Chance; Carolina Ribaldone – Clifford Chance; Giada Scarnera – Clifford Chance; Nick Spurrell – Clifford Chance; Laura Tresoldi – Clifford Chance; Andrea Tuninetti Ferrari – Clifford Chance; José María Vilaseca – Clifford Chance; Filippo Volpini – Clifford Chance; Joel Ziff – Clifford Chance; Filippo Alberti – Freshfields Bruckhaus Deringer LLP; Luigi Bisogno – Freshfields Bruckhaus Deringer LLP; Toni Marciante – Freshfields Bruckhaus Deringer LLP; Renato Paternollo – Freshfields Bruckhaus Deringer LLP; Ermelinda Spinelli – Freshfields Bruckhaus Deringer LLP; Luca Villani – Freshfields Bruckhaus Deringer LLP; Gian Luca Zampa – Freshfields Bruckhaus Deringer LLP; Jane Cai – Linklaters; Owen Clay – Linklaters; Robert Cleaver – Linklaters; Julian Davies – Linklaters; Marly Didizian – Linklaters; Alessandro Gemmo – Linklaters; Rich Jones – Linklaters; Elisabet Lundgren – Linklaters; Alejandro Ortiz – Linklaters; Giulio Politi – Linklaters; Saverio Puddu – Linklaters; Chris Smale – Linklaters; Aditi Srivastava – Linklaters; Christopher Yip – Linklaters; Guenter Bauer – Wolf Theiss; Karl Binder – Wolf Theiss; Melanie Dimitrov – Wolf Theiss; Horst Ebhardt – Wolf Theiss; Martin Gassler – Wolf Theiss; Martina Hiebl – Wolf Theiss; Christopher Juenger – Wolf Theiss; Hartwig Kienast – Wolf Theiss; Michael Kienzl – Wolf Theiss; Georg Knafl – Wolf Theiss; Roland Marko – Wolf Theiss; Michael Meindl – Wolf Theiss; Tanja Melber – Wolf Theiss; Paulina Pomorski – Wolf Theiss; Rahim Rastegar – Wolf Theiss; Katja Rehberger – Wolf Theiss; Iris Riepan – Wolf Theiss; Daniel Schmidt – Wolf Theiss; Niklas Schmidt – Wolf Theiss; Johannes Sekanina – Wolf Theiss; Eva Stadler – Wolf Theiss; Erik Steger – Wolf Theiss; Harald Strahberger – Wolf Theiss; Matthias Unterrieder – Wolf Theiss; Robert Wagner – Wolf Theiss;

Law Firms: Clifford Chance; Freshfields Bruckhaus Deringer LLP; Linklaters; Wolf Theiss;

Clients: Cellnex Telecom S.A.; CK Hutchison;