AZ Capital advised Cellnex on the acquisition of 60% of Metrocall from the Spanish IT company Indra

Cellnex, the leading operator of wireless telecommunications infrastructures in Europe, and Indra have reached an agreement through which the telecommunications infrastructure operator has acquired the 60% stake that the technology company held in Metrocall, the neutral operator responsible of the design, development, management and operation of the cellular network of Metro de Madrid.
Metrocall, set up in 2000 and in which Metro de Madrid holds the remaining 40%, is the company that operates the telecommunications services in the Spanish capital’s underground system. Metrocall provides service to the main mobile operators, with whom it has long-term service contracts (ten years), for use of their infrastructures to provide coverage and mobile connectivity to users of the Madrid underground system (677 million passengers in 2019).

With this acquisition, Cellnex reinforces the portfolio of telecommunications infrastructures that manages for transport networks and suburban environments.

AZ Capital

Advised in the sale of

Metrocall (60%)


Cellnex Telecom S.A.

Technology, Media, and Telecom

MidCap Alliance