CCPC publishes full written determination on Phoenix-Cellnex deal
November 25, 2025
In February 2025, the Competition and Consumer Protection Commission (CCPC) cleared, subject to legally binding commitments, the acquisition of Cellnex Ireland Limited by Phoenix Tower International (M/24/018). 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 3 to 2 or 2 to 1, 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.
Today, the CCPC has published the full 260-page determination detailing the extensive investigation.
At a media briefing in CCPC headquarters in Dublin 1, Úna Butler, Member of the Commission, 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.”
Key points from the investigation:
- Passive infrastructure, which includes towers or masts, is crucial for mobile network operators and other electronic communications service providers. Mobile operators fix active network equipment to it, including antennae and dishes.
- Cellnex entered the Irish market in 2019, and Phoenix entered the Irish market in 2020. Previously, it was common for towers and masts in Ireland to be owned directly by mobile network operators, but over the past decade these have been sold to private operators including Phoenix and Cellnex.
- The CCPC identified potential competition concerns in the hosting services market for macro passive network infrastructure (towers and masts), which are essential for mobile network operators.
- These concerns focused on the risk of higher prices and/or lower service quality for mobile operators and, ultimately, consumers, due to reduced competition.
- To address these concerns, Phoenix Tower International agreed to substantial legally binding commitments, including:
- Divestment of sites in areas where the merger would reduce competitors from 3 to 2 or 2 to 1.
- Divestment of new sites under development that were part of existing agreements with mobile network operators.
These commitments aim to protect existing competition by enabling another competitor to enter or expand in the market, replacing competition lost due to the merger.
To ensure compliance with these commitments, an independent monitoring trustee, who will have all the rights and powers necessary to monitor compliance with the commitments, has been appointed.
Read the full determination for more details.
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