By Mauro Orru
Deutsche Telekom AG said Thursday that it has signed an agreement with Cellnex Telecom SA to merge their Dutch mobile communications infrastructure companies into Cellnex Netherlands BV.
The German telecommunications company said it would combine its Dutch telecommunications tower business T-Mobile Infra BV with Cellnex's subsidiary Cellnex NL to create the largest independent cell mobile tower company in the Netherlands, with around 4,310 sites.
Deutsche Telekom will transfer T-Mobile Infra to the newly established and independently managed fund Digital Infrastructure Vehicle, receiving a cash payment of 250 million euros ($302.7 million).
Deutsche Telekom will make a capital commitment of around EUR400 million to the fund, with Cellnex agreeing to commit EUR200 million.
The fund will have a 38% stake in the merged tower company, with Cellnex retaining 62%.
Write to Mauro Orru at email@example.com; @MauroOrru94
(END) Dow Jones Newswires