Cellnex has completed the sale of its Irish business to Phoenix Tower International (PTI) for €971 million ($1 billion).

The company announced the deal today, Friday February 28, just weeks after Ireland’s Competition and Consumer Protection Commission (CCPC) cleared the sale.

As part of the planned acquisition first announced last year, PTI will snap up around 1,900 towers from Cellnex, which has sold a number of its assets in recent years.

Spanish infrastructure company Cellnex has been operating in Ireland since 2019, after it acquired tower operator Cignal.

As part of the sale, Cellnex said it will now begin its share buyback program of up to €800m ($832m).

Cellnex has sold a number of its assets in the last couple of years, including its private networks business to Boldyn Networks.

The company has also sold its Austrian unit for €803 million ($828m), and is reportedly looking to shift its Swiss unit.

Going back to September 2023, Cellnex also agreed on a deal to sell a 49 percent stake in its Sweden and Denmark subsidiaries to Stonepeak for €730 million ($753m). Cellnex entered the markets after buying CK Hutchison Holdings Ltd.’s European towers in 2021.

As for Florida-based PTI, the company acquired almost 2,000 more urban sites in France following the closing of two deals and separately entered an agreement to enter the German market.

PTI also snapped up 1,300 telecom towers from Liberty Latin America (LLA) for $407 million, for sites across Panama, Jamaica, the Bahamas, Puerto Rico, Barbados, and the British Virgin Islands.

The TowerCo operates over 29,000 telecom towers across Europe, the US, Latin America, and the Caribbean.