The Republic of Ireland’s competition authority opened an in-depth investigation into the implications of Cellnex’s proposed sale of its local business to peer Phoenix Tower International (PTI).

Cellnex announced the €971 million deal in March, with the Competition and Consumer Protection Commission opening a first stage probe into the proposal shortly afterwards.

In a brief statement today (26 July), the regulator said its detailed investigation would “establish whether the proposed transaction will result in a substantial lessening of competition”.

Cellnex Ireland’s portfolio comprises sites acquired when it bought local player Cignal in 2019, alongside assets purchased as part of a series of deals with 3 Ireland parent CK Hutchison.

The buys came at a time of significant acquisition activity at Cellnex, though following a change in strategy announced in November 2022, the company has been more focused on cutting debt and disposals in Europe.

On announcing the proposed sale of its Ireland business, Cellnex CEO Marco Patuano said it was in line with a “goal of consolidating, simplifying our corporate structure and focusing our efforts in the existing growth opportunities in the main markets in which we operate”.    

Figures released by the Irish authority noted Cellnex operates 1,720 macro sites containing passive infrastructure and 173 real estate-only sites in the country.

PTI also already operates in the country, entering in 2020 when it acquired operator Eir’s passive infrastructure business Emerald Tower.