Irish telecoms infrastructure firm Cignal has been acquired by Spanish group Cellnex Telecom in a deal worth €210 million.
Cignal currently owns 546 telecoms tower sites across the State, including 300 acquired from forestry group Coillte in 2015.
Cellnex said it plans to invest €60 million to roll out up to 600 new sites by 2026, increasing the reach of high-speed wireless broadband in rural areas while helping mobile phone operators address coverage blackspots.
Cellnex is one of Europe's leading operator of wireless telecommunications and broadcasting infrastructure and is listed on the Spanish stock exchange. It has an existing portfolio of more than 45,000 towers located in Spain, Italy, Netherlands, France, Switzerland, and the United Kingdom.
As part of the deal, Cignal's management team and staff will continue to run the business under the Cignal name in Ireland as part of the Cellnex Telecom group, the companies said in a joint statement.
Investment
"We are very pleased to announce the sale of the business to Cellnex Telecom in a deal which recognises the hard work and investment that has helped grow the business since it was founded in 2015 with the backing of Infravia Capital Partners, who have been hugely supportive of the team," Cignal chairman Donal O'Shaughnessy said.
“Cellnex shares our vision of continuing to invest in improving Ireland’s tower infrastructure, with 600 additional sites planned by 2026 that will reduce coverage blackspots and improve availability of wireless broadband in rural areas,” he said.
“With Cignal, we are acquiring the leading independent telecommunications infrastructure operator in Ireland, and benefitting from its professional and experienced management team,” Tobias Martínez, chief executive of Cellnex said.
"We are also committing to consistent growth in Europe, incorporating a seventh market, and working with customers to whom we already offer service in other countries," he said.
