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Cellnex to buy NOS's telecom-tower business in 375 million euro deal

Spain’s Cellnex has agreed to acquire Portuguese mobile operator NOS’s telecom-tower business for an initial sum of 375 million euros. Once completed, the acquisition of NOS Towering, which has around 2,000 phone masts, will boost Cellnex’s core earnings before interest, taxes, depreciation and amortization by around 50 million euros, while its sales backlog will grow by 2 billion euros. Following the initial payment, Cellnex said it would invest up to 175 million euros over the next six years in expanding the business. The acquisition will be financed with available cash.