Cellnex Telecom SA agreed to purchase Portuguese telecommunications tower and site operator Omtel Estruturas de Comunicacoes SA for an enterprise value of €800 million under a deal with Altice Europe and Belmont Infra Holding.

Omtel is a joint venture between Altice Europe, Morgan Stanley and Horizon Equity Partners, Bloomberg News reported, citing a regulatory filing.

The acquisition of Omtel, which operates 3,000 sites in Portugal, includes 400 sites that will be rolled out over the next four years.

Cellnex, a European wireless telecom and broadcasting infrastructure operator, will fund the transaction and future investments with available cash and generated cash flows.

The company also expects to spend €140 million on its build-to-suit program with 350 additional sites planned through 2027. Its sales backlog is projected to increase by €2.5 billion, to €38.5 billion.