CMA gives Green-Light to
CK Hutchison Group Telecom’s UK Tower Assets
sale to Cellnex

 
3 March 2022 – (London and Hong Kong) CK Hutchison Group Telecom (“CKHGT”) 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. 

The CMA’s approval is conditional on completion by Cellnex of the sale of certain of Cellnex’s existing sites to an independent third party. CKHGT and Cellnex will proceed to complete the UK Tower transaction as soon as possible, once this requirement has been satisfied.

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. 

Cellnex will be a long-term partner, providing passive telecommunications infrastructure services and rolling out additional sites across the six countries.

“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.”


About CK Hutchison Holdings Limited

Listed on The Stock Exchange of Hong Kong Limited, CK Hutchison Holdings Limited (“CK Hutchison”) is a renowned multinational conglomerate committed to innovation and technology with businesses spanning the globe.  With operations in over 50 countries/markets and 300,000 employees worldwide, CK Hutchison has four core businesses - ports and related services, retail, infrastructure and telecommunications.  The Group is fully committed to its environmental and social sustainability responsibilities with policies, programmes and innovations across its businesses to address sustainability challenges such as the net-zero transition.

CK Hutchison reported turnover of approximately HKD404 billion (USD52 billion) and HKD212 billion (USD27 billion) for the year ended 31 December 2020 and for the six months ended 30 June 2021 respectively.

For more information, please visit www.ckh.com.hk