Bertrand Kan and Peter Shore to leave Cellnex’s Board after 8 years

Kan has been member of the Cellnex Board since the IPO, has been Chair of the Audit and Risk Management Committee 2016-2021 and served as the Board’s Vice-Chair from 2017-2021 and as Chair from 2021-2023.

Shore has also been a member of the Cellnex Board since the IPO and served as the Chair of the Audit and Risk Management Committee from 2021-2022.

Madrid, 4 April 2023.- Today Bertrand Kan and Peter Shore have communicated their decisions to resign as Directors of the Cellnex Board of Directors, effective immediately. Bertrand Kan stepped down as Chair of Cellnex on March 27th.

Messrs. Kan and Shore have served on Cellnex’s board since the IPO in May 2015. During this time, the Company has grown to become the leading European telecommunications tower and infrastructure operator. At the IPO, Cellnex operated in just 2 countries and had 15,000 telecom sites and at the end of their tenure on the Board they are leaving a group with a presence in 12 countries and more than 135,000 sites in the portfolio. In the last 8 years, Cellnex undertook four capital increases for an aggregate of almost 15 billion Euros, raised 19 billion Euros of debt and made around 40 acquisitions, including the purchase of Arqiva’s telecommunications division in the United Kingdom; the acquisition of Illiad’s towers in France, Switzerland, Italy and Poland; and the agreement with Hutchison in October 2021 that involved 6 European countries and has been Cellnex’s largest acquisition to date.

During Mr. Kan’s tenure as Board Chair, Cellnex consolidated its ESG (Environment, Social and Governance) strategy, as captured by the 2021-2025 ESG Master Plan, which seeks to measure and manage the Company’s impact on society and the environment and aspires to continue to improve the Company’s sustainability.

“On behalf of the Board of Cellnex –said Anne Bouverot, Chair of Cellnex–, I would like to express our gratitude and appreciation for these 8 years of commitment and dedication to the Cellnex project. Bertrand and Peter have played a key role in this amazing journey since our IPO in 2015. This has been an industrial transformation with few parallels in Europe. Cellnex pioneered the model of shared telecom infrastructure in Europe, a concept which was in its infancy 8 years ago and has now become firmly established in Europe with clear leadership from Cellnex.”

“And this has been possible to a large extent –followed Anne Bouverot– due to the leadership and support that both Bertrand and Peter, from the Board, have provided to Cellnex management.  Cellnex’s success is the product of this close and loyal collaboration between the Board and the management team.”

Bertrand Kan and Peter Shore said: “It’s been a pleasure and a privilege to work with such a talented team of people and to have had a part in making Cellnex what it has become.  Its acquisitions, financings, organisation and more recent strategic pivot have culminated in a truly unique, focused European infrastructure business.  We wish the company the very best for the future.”

About Cellnex Telecom

The efficient deployment of next-generation connectivity is essential to drive technological innovation and accelerate inclusive economic growth. Cellnex Telecom is the independent wireless telecommunications and broadcasting infrastructures operator that enables operators to access Europe’s most extensive network of advanced telecommunications infrastructures on a shared-use basis, helping to reduce access barriers for new operators and to improve services in the most remote areas.

Cellnex manages a portfolio of c.135,000 sites –including forecast roll-outs up to 2030– in Spain, Italy, the Netherlands, France, Switzerland, the United Kingdom, Ireland, Portugal, Austria, Denmark, Sweden and Poland. Cellnex’s business is structured in four major areas: telecommunications infrastructure services; audiovisual broadcasting networks, security and emergency service networks and solutions for smart urban infrastructure and services management (Smart cities and the “Internet of Things” (IoT)).

The company is listed on the continuous market of the Spanish stock exchange and is part of the selective IBEX 35 and EuroStoxx 100 indices. It is also present in the main sustainability indexes, such as CDP, Sustainalytics, FTSE4Good and MSCI. Cellnex’s key shareholders include GIC, Edizione, TCI, JP Morgan, CPP Investments, Blackrock, CK Hutchison, CriteriaCaixa and Norges Bank.