Irish telecoms infrastructure company Cignal has been acquired by Cellnex Telecom in a deal worth €210m. 

Cignal currently owns 546 telecoms tower sites across the country, including 300 tower locations it bought from Coillte in 2015. 

Cellnex said it plans to invest €60m to roll out up to 600 new sites by 2026.

The company is one of Europe's biggest operator of wireless telecommunications and broadcasting infrastructure and is listed on the Spanish stock exchange.

It has an existing portfolio of over 45,000 towers in Spain, Italy, Netherlands, France, Switzerland and the UK.

Under the terms of the deal, Cignal's management team and staff will continue to run the business under the Cignal name in Ireland as part of the fast growing Cellnex group.

Cignal's chairman Donal O'Shaughnessy said that Cellnex shares its vision of continuing to invest in improving Ireland's tower infrastructure.

He said 600 additional sites are planned for 2026, which will reduce coverage blackspots and improve availability of wireless broadband in rural areas.

"In Cellnex, I believe we have found the ideal industry partner to continue the rapid growth that has been a characteristic of the company since it was founded four years ago," Cignal's chief executive Colin Cunningham said.