Iliad has sold its current stake (30%) in OnTower Poland, the Polish telecommunications infrastructure company controlled by Cellnex (which holds 70%). The company was set up by both operators in 2021 as part of Cellnex’s acquisition of the network of c. 7,000 sites from mobile operator Play in Poland.
Cellnex will now control 100% of this Group’s subsidiary in Poland. The transaction amount is EUR c. 510 million.
This transaction must be seen as an intermediate step in the process of actively assessing strategic options for our current portfolio in order to crystallize value and accelerate the path to the Investment Grade rating (commitment to secure the BBB- rating by S&P by 2024 the latest, and maintain the BBB rating by Fitch).
OnTower Poland currently operates a total of 8,500 sites in Poland and plans to deploy up to c. 3,400 new sites up to 2030, and has a 20-year service provision contract with Play, extendable for additional successive 10-year periods.
