CK Hutchison welcomes the UK Competition and Markets Authority’s (“CMA”) decision to approve the sale of CK Hutchison Network’s (“CKH Networks”) UK tower assets to Cellnex. The consideration for the interests in the UK tower assets is approximately EUR3.7 billion (HKD 32.4 billion) in cash and shares.
CK Hutchison Networks agreed to sell the interests in its tower assets and businesses in Austria, Denmark, Ireland, Italy, Sweden and the United Kingdom to Cellnex in 2020 for a total consideration of EUR10 billion. The deal was structured in six separate transactions – one for each country. The sales of tower assets of Austria, Denmark and Ireland were completed in 2020. Italy and Sweden’s transactions were completed in 2021.
“We are pleased that the CMA has reached the conclusion to allow the transaction to proceed,” said Mr Canning Fok, CK Hutchison’s Group Co-Managing Director. “This deal unlocks value in our telecom assets to our shareholders, improves our operational efficiency and accelerates our 5G rollout, benefitting consumers across the UK. The UK towers are excellent assets and we now also have a terrific partner in the UK to help us take our network there to the next level.”
