Irish telecoms firm sells for €210m

Irish telecoms firm sells for €210m

Irish telecoms infrastructure company Cignal has been acquired by Spanish company Cellnex Telecom for €210m.

Cignal is the owner of 546 telecommunications antenna-supporting towers across Ireland. Its purchase sees Barcelona-headquartered Cellnex - already one of the main operators of wireless telecommunications and broadcasting infrastructures across Europe - enter its seventh country.

Cignal will continue to trade under its own name and retain its existing management and staff.

Cignal has grown largely through its acquisition of 300 tower locations from State-owned forestry company Coillte in 2015. Cellnex has said it is committed to investing an additional €60m to build up to 600 new tower sites by 2026.

Cignal said the investment programme will allow it address the objectives of the Government's mobile phone and broadband taskforce, which was set up to identify solutions to broadband and mobile phone coverage deficits across the country. Cignal said its investment will reduce coverage blackspots and improve rural broadband availability.

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