Cellnex has agreed a deal to sell a 49 percent stake in its Sweden and Denmark subsidiaries to Stonepeak for €730 million ($773m).

The sale is part of the infrastructure company's plans to cut debt.

Cellnex MWC 2023
– Cellnex

The announcement of the deal follows reports over the summer that Cellnex was pondering a sale of a stake in its Nordic operations.

In a statement today, Cellnex confirmed that Stonepeak will pay €558m ($591m) upfront plus €130m ($137m) three years after closing and a €40m ($42m) earn-out, expected in 2026.

The transaction is expected to close no later than the first quarter of 2024.

The sale is Marco Patuano’s first major divestment since he took over the CEO role from Cellnex founder Tobias Martínez earlier this year.

Cellnex operates a total of 4,557 sites across Sweden and Denmark and has plans to build and operate approximately 2,500 additional sites.

The company entered the markets after buying CK Hutchison Holdings Ltd.’s European towers in 2021.

New York-based Stonepeak Infrastructure Partners focuses heavily on investing in network infrastructure assets. The company notably spent $2.5 billion to acquire a 29 percent stake in American Tower’s CoreSite business last year.