Spanish tower operator Cellnex reached a deal to sell its Austrian business to a consortium of investors for €803 million, a move which will seal its exit from the market after three years of operation.

The group of investors comprise of Vauban Infrastructure Partners, EDF Invest and MEAG, Cellnex announced in a statement.

Deutsche Bank and Mediobanca were hired as financial advisors for the deal, which is subject to regulatory approval.

Cellnex CEO Marco Patuano said divesting its Austrian asset marks a further step within the company’s “next chapter”, aligning with a wider 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”.

It will also allow the company to focus on balance sheet and shareholder remuneration, “fulfilling our commitments to the market”, added Patuano.

Cellnex entered the Austrian market in January 2021 through a €10 billion deal which saw the company purchase CK Hutchison’s tower assets in six European countries, including Italy, Denmark, Sweden, UK and Republic of Ireland.

The Spain-based company manages 4,600 sites in Austria.

Earlier this year, Bloomberg Law reported stc’s infrastructure arm Tawal and GD Towers were among the bidders of Cellnex’s Austrian business and Blackstone-backed Phoenix Tower International also reportedly expressed interest.