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Cellnex Sells French Data Center Operations to Vauban Infra Fibre
Cellnex, the pan-European tower operator, has entered into a definitive agreement to divest its French data center business to Vauban Infra Fibre (VIF) for €391 million ($457.6 million) in an all-cash transaction. The deal, structured through a put option agreement, will see VIF acquire 99.99% of Towerlink France, the entity responsible for Cellnex’s primary data center operations across France. This strategic move aligns with Cellnex’s broader portfolio optimization strategy as the company shifts focus toward its core telecommunications infrastructure assets.
The transaction represents a significant consolidation in the French digital infrastructure market, with VIF strengthening its position through the acquisition of Towerlink’s extensive edge data center network. Towerlink, founded in 2018, owns, operates, and develops urban edge data centers with multiple sites across France, predominantly serving Bouygues Telecom as its main client. The deal comes amid continued volatility in European markets that has prompted many infrastructure operators to reassess their asset portfolios.
Strategic Rationale Behind the Divestment
Cellnex CEO Marco Patuano emphasized that the divestment allows the group to concentrate resources on its core business areas while maintaining disciplined capital allocation. “We remain committed to operational excellence and disciplined capital allocation, always with the objective of delivering sustainable growth and long-term value for our shareholders,” Patuano stated. The move follows news that surfaced last year about Cellnex’s plans to sell its French data center assets as part of a broader strategic review.
The transaction enables Cellnex to streamline operations while VIF gains a strategic foothold in the growing edge computing market. Steve Ledoux, CEO of VIF, commented: “VIF is pleased to negotiate this investment in line with our investment strategy. Towerlink will thrive within VIF by continuing to deliver our common ambition and accelerate our development in the data center market.” The acquisition complements VIF’s existing fiber network operations and creates opportunities for synergies with other digital infrastructure assets in its portfolio.
Towerlink’s French Data Center Footprint
Towerlink operates through Cellnex’s NexLoop unit, which manages more than 100 edge data centers across France. According to NexLoop’s website, approximately 80 of 130 planned facilities have been deployed nationwide, totaling 1,140 square meters (12,270 square feet) of space with 362kW of power capacity. An additional 546 square meters (5,875 square feet) and 314kW are currently under construction.
The deployed locations span major French cities including Lille, Strasbourg, Paris, Quimper, Nantes, Bordeaux, Lyon, Grenoble, Marseille, and Nice. This extensive network positions VIF to capitalize on the growing demand for edge computing services, particularly as fiber infrastructure challenges continue to impact data center development in neighboring markets.
Vauban’s Expanding Digital Infrastructure Portfolio
Vauban Infra Fibre is backed by Vauban Infrastructure Partners, entities of Crédit Agricole Assurances, and Raffles (a subsidiary of GIC). The company currently manages more than 13 million FTTH connectable lines through 25 assets across rural, urban, and medium-density areas in France. Gwenola Chambon, founding partner of Vauban Infrastructure Partners, noted that “VIF’s proposed investment in Towerlink confirms our strong commitment to finance infrastructure assets that are essential to the development of local communities.”
Vauban Infrastructure Partners has raised approximately €10 billion across eight infrastructure funds and maintains other data center investments, including Icelandic operator Borealis. The acquisition of Towerlink represents a strategic diversification beyond VIF’s traditional fiber focus, enabling the company to offer integrated connectivity and computing solutions. This move occurs as rural connectivity issues prompt increased infrastructure investment across Europe.
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Advisory Teams and Market Context
Cellnex engaged BBVA and CACIB as M&A advisors, HSFK as legal and tax advisor, and Analysys Mason as commercial advisor for the transaction. Vauban Infra Fibre was advised by Nomura (M&A and debt), Clifford Chance Europe LLP (legal), Altman Solon (commercial and technical), Eight Advisory (financial and tax), and Marsh (insurance).
The deal reflects ongoing consolidation in the European digital infrastructure sector, where operators are seeking scale and synergies to compete effectively. As quantitative investment strategies continue to influence market dynamics, infrastructure assets with stable cash flows remain attractive to financial investors. Cellnex maintains a portfolio of more than 110,000 sites across ten European countries, including significant operations in Spain, the United Kingdom, Italy, and Poland, alongside data center assets in Spain and the Netherlands.
The transaction is expected to close following regulatory approvals and customary closing conditions, positioning VIF as an integrated digital infrastructure provider with comprehensive fiber and edge computing capabilities across the French market.
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