Cellnex to Sell Irish Business for More Than $1 Billion
By Adria Calatayud
Cellnex Telecom said it agreed to sell its Irish business to Phoenix Tower International for about 971 million euros ($1.05 billion) in a bid to speed up its debt-reduction efforts.
News of the sale came as the Spanish telecommunications-infrastructure company on Tuesday said that it is conducting a strategic portfolio review to focus on core markets and businesses and set out targets for revenue and earnings growth through to 2027.
The company will also launch a cost-efficiency plan to improve profitability and plans to return cash to shareholders through dividends and buybacks from 2026 onward, it said. The company might consider earlier payouts subject to its debt ratio and credit rating, it added.
The company aims to achieve revenue excluding energy costs passed through to customers of between EUR4.50 billion and EUR4.70 billion in 2027, representing an average annual growth rate of 6%, and adjusted earnings before interest, taxes, depreciation and amortization of between EUR3.80 billion and EUR4.00 billion, at an average growth rate of 7%.
For 2024, the company targets revenue excluding energy pass-through of between EUR3.85 billion and EUR3.95 billion and adjusted Ebitda of EUR3.15 billion to EUR3.25 billion.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
March 05, 2024 03:58 ET (08:58 GMT)
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