Cellnex closed an acquisition to take a 60 per cent controlling stake in a holding company which will control 7,000 telecoms sites formerly owned by Polish operator Play, paving the way for further investment in the country.
In a statement, the tower company explained it gained approval from Polish competition authorities to formalise the acquisition, first announced in October 2020, spending €800 million(US$941million) for the controlling stake.
Iliad Group, which announced a deal to acquire Play in September 2020, will own the remaining 40 per cent in the holding company, as part of an agreement involving the operation of telecoms sites through its Free subsidiary in France.
Cellnex previously committed to invest up to €1.3 billion to deploy a further 5,000 sites in Poland by 2030.
The infrastructure operator also concluded 20-year service contracts with Play, with ten-year extensions on offer.
Cellnex deepened its Polish footprint earlier this year through a deal to acquire Polkomtel Infrastruktura for €1.6 billion. Other recent moves by the infrastructure specialist include separate agreements with Altice Europe and CK Hutchison.