• Fenix is a leading provider of build, connect and care services for telecommunications (telco) infrastructure in Poland
  • The Eltel Group (Eltel) offers a full-scope of services for the telco industry, including site acquisition and design, building permitting, civil works, telecom implementation and maintenance of wireless and fixed telco infrastructure
  • Eltel’s existing customer base comprises large domestic telco operators, telco equipment vendors, as well as leading rail contractors and vendors
  • Fenix employs c.215 people, including over 150 highly skilled technicians, all with the necessary legal and professional licenses


  • DC Advisory (DC) and Danske Bank were engaged by the shareholders of the Eltel Group to act as financial advisors in the divestment of its Polish and German subsidiaries. This is in line with Eltel’s strategy to continue developing and expanding their footprint across their home Nordic market where the company has a leading market position, while divesting of non-Nordic businesses.

  • DC has a strong knowledge and experience in the technical services sector, as well as unique access to the universe of potential buyers, having previously advised on various M&A transactions across Europe
  • DC ran a full scope M&A process including supporting in the SPA negotiations


  • Eltel has signed an agreement to divest its Polish Communication business to VINCI, a global player in concessions and contracting
  • DC completed a broad competitive auction process, resulting in identifying the buyer and signing the transaction ahead of the project timeline
  • The transaction is expected to positively impact the Eltel Group’s cash flow
  • Transaction closing is subject to a customary anti-trust clearance