Cellnex Telecom, S.A. (BME:CLNX) reached an agreement to acquire 60% stake in 7,000 telecommunications sites from iliad S.A. (ENXTPA:ILD) for approximately €800 million on October 23, 2020. In a related transaction, iliad S.A. launched a takeover bid for Play on September 21, 2020, after completion of which iliad will transfer the agreement to play. Cellnex will then hold 60% stake in Play while remaining 40% stake will be held by iliad. Cellnex will finance the transaction with available cash.

Transaction is subject to the mandatory authorisations, clearance from the relevant anti-trust authorities and acquisition of Play by Iliad. The agreement between Iliad and Cellnex is expected to be closed by Q2 2021. Lazard Frères Banque SA acted as financial advisor to iliad S.A. Société Générale, Sucursal en España acted as a financial advisor to Cellnex Telecom, S.A. Olivier Assant, Florence Haas, Julien Gayral, Yelena Trifounovitch, Samuel Pariente, Aurélien Jolly and Laetitia Tombarello of Bredin Prat & Associes, So'tysi'ski Kawecki & Szl'zak and Arendt & Medernach SA acted as legal advisor to iliad S.A. Edouard Thomas, Cyril Boulignat and Christophe Lefort of Herbert Smith SPAIN LLP and Clifford Chance acted as legal advisor to Cellnex. Guillermo Guardia and Begoña Barrantes of Clifford Chance S.L.P. along with Clifford Chance Janicka Kruzewski Namiotkiewicz I Wspolnicy Spolka Komandytowa, Kremer associés & Clifford Chance, Clifford Chance LLP acted as legal advisors for Cellnex.

Cellnex Telecom, S.A. (BME:CLNX) completed the acquisition of 60% stake in 7,000 telecommunications sites from iliad S.A. (ENXTPA:ILD) on April 1, 2021. This transaction has been completed after receiving the approval from the competition authorities in Poland.