Spanish telco Cellnex has agreed to sell its private networks business to infrastructure player Boldyn Networks for an undisclosed sum.

The unit includes Edzcom, Cellnex’s Finnish subsidiary that specializes in private networks for industrial environments.

Cellnex expects to finalize the deal by Q1 2024.

"Boldyn Networks is the ideal operator to usher Edzcom into a new phase of expansive growth," said Oscar Pallarols, global innovation, business development, and technology director of Cellnex.

The sale comes weeks after Cellnex agreed to sell 49 percent of its Sweden and Denmark subsidiaries to Stonepeak for €730 million ($773m).

That sale was Marco Patuano’s first major divestment since he took over the CEO role from Cellnex founder Tobias Martínez earlier this year.

The company entered the markets after buying CK Hutchison Holdings Ltd.’s European towers in 2021.

Telecommunications firm BAI rebranded its northern hemisphere operations to Boldyn Networks earlier this year.