CLLNY - Cellnex pays $6 billion for French towers from Altice JV

Cellnex Telecom (CLLNY) will acquire the French telecommunications towers of Altice Europe (ALLVF) for about $6.3B.Cellnex would buy the Hovory joint venture between Altice and KKR, which has around 10,500 towers in the region.A capital increase of up to $8.4B will fund the purchase.Cellnex shares are down 1.9% in OTC trading. Altice Europe is down 6.8%.Last month, Cellnex's U.S. rival American Tower made its first major European push through a $9.4B deal for Telefónica's Telxius Towers.

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Cellnex pays $6 billion for French towers from Altice JV