The CCPC cleared the acquisition of Cellnex Ireland Limited by Phoenix Tower International in February 2025, subject to legally binding commitments.

In Ireland, both parties operated in the passive infrastructure sector, owning and managing portfolios of macro passive network infrastructure sites (towers and masts), which are critical infrastructure for mobile network operators.

The acquisition was originally notified to the CCPC in March 2024. Following an extended preliminary investigation, the CCPC determined in July 2024 that a full investigation was required to establish if the proposed transaction would lead to a substantial lessening of competition in the State.

The transaction was valued at €971 million, and the commitments, which were proposed by Phoenix and approved by the CCPC, were substantial in scale and scope.

The CCPC had concerns that the acquisition — in which Phoenix was acquiring Cellnex’s portfolio of towers and masts, which are critical infrastructure for mobile network operators — would lead to a substantial lessening of competition, at both national and local levels.

Under the commitments given to the CCPC, Phoenix agreed to divest sites in all areas where the merger would reduce competitors from three to two or two to one, as well as certain new sites under development or which are identified to be developed in the coming years. 

In October 2025, Ancala, a London-based infrastructure manager, acquired the divestment package of 300 sites, following a divestment process which included being approved as a suitable purchaser by the CCPC.

The CCPC has today published the full 260-page determination detailing the extensive investigation.  

Úna Butler, member of the CCPC, said: “Publishing our full determination in this case is an important step in ensuring transparency around how we assess complex mergers.

“This was one of the largest transactions ever reviewed by the CCPC, and it required detailed economic analysis and extensive engagement with stakeholders.  

“The commitments secured in this case are significant and designed to protect competition, which ultimately benefits users of mobile telecoms services, which include nearly all businesses and consumers in Ireland.  

“Following the investigation, and having considered the commitments given by Phoenix, the CCPC determined that the proposed acquisition would not substantially lessen competition and, as a result, could be put into effect.”