AZ Capital advised Cellnex on the acquisition of Cignal from Infravia.

Cignal is Irelands newest Telecommunications Infrastructure Provider, focusing primarily on the development and management of tower sites and fibre infrastructure to meet the requirements of the wireless communications industry.

Cellnex has agreed to acquire 100% of the share capital of Cignal Infrastructure, a company that owns 546 telecom sites in Ireland and that will deploy up to 600 new additional sites by the end of 2026. The agreement involves a total EV of EUR 210m and an additional investment associated with a Build-to-Suit (BTS) program of EUR 60m, to be deployed in the period 2020-2026. The portfolio is expected to generate an annual Adjusted EBITDA of approximately EUR 20m on a run rate basis, upon completion of the BTS program.With this transaction, Cellnex creates an initial platform in an adjacent market with the objective to become its consolidator. The transaction will be financed through available cash and future cash flows from Cellnex Ireland.

AZ Capital

Advised in the sale of

Cignal Infrastructure


Cellnex Telecom, S.A.

Technology, Media, and Telecom

MidCap Alliance