March 2018

Fairness opinion for the Independent Directors of Atlantia, a portfolio company of Edizione, in the context of the exercise of the call option on Cell

23_Cellnex Telecom S.A.

Fairness Opinion
March 2018
Client Profile
Founded in 2008 and headquartered in Barcelona, Cellnex is the main independent infrastructure operator for wireless telecommunication in Europe, with a network of approx. ~27.000 sites (December 2017). Cellnex operates through three segments: telecom infrastructure services, broadcasting infrastructure and other network services. Cellnex provides services in Italy, Netherlands, United Kingdom, France, Switzerland and Spain
Houlihan Lokey’s Role
Leonardo & Co. in association with Houlihan Lokey acted as advisor to the Board of Independent Directors of Atlantia S.p.A. in the context of the binding offer by Edizione S.r.l. to acquire 29.9% of Cellnex Telecom S.A.
Transaction Snapshot
On April 4th 2018, Atlantia confirmed to Edizione S.r.l. that, subject to the positive outcome of the public tender offer for Abertis Infraestructuras S.A.’s shares, it intends to exercise the put option granted by Edizione on Abertis’ 29.9% stake in Cellnex