Spanish telecoms infrastructure group Cellnex has agreed to sell its Irish mobile tower unit to Phoenix Tower International (PTI) for €971m.
Cellnex currently manages around 1,900 mast sites across the country.
It entered the Irish market five years ago when it bought Cignal.
However, it subsequently increased its footprint in 2022 after it acquired the infrastructure portfolio of CK Hutchinson in six countries, including Ireland.
"The sale of our business in Ireland - at an appropriate valuation - is one further step within the company's 'Next Chapter’, in line with our strategy, to achieve the goal of consolidating, simplifying our corporate structure and focusing our efforts in the existing growth opportunities in the main markets in which we operate," Cellnex CEO Marco Patuano said.
"We want to recognise PTI's readiness and swift decision making and look forward to closing the deal on due time," he said.
Cellnex said it would use the funds to lower its debt.
The company currently manages over 138,000 sites, including planned rollouts over the next six years, across 12 European countries.
Founded in 2013, PTI is based in Florida in the US.
It said that the deal will bring the number of telecom towers it owns and operate to over 29,000 across Europe, the US, Latin America and the Caribbean.
In 2020 it bought 650 towers owned by the eir owned Emerald Tower for a reported €300m.
"This acquisition demonstrates our commitment to Ireland, and we are eager to contribute to the development of robust and advanced telecommunications infrastructure that will benefit both the Irish people and our valued Mobile Network Operator partners," said Dagan Kasavana, CEO of PTI.
