Telefônica Brasil sells 1,655 towers for $214m

Telefônica Brasil sells 1,655 towers for $214m

Telefónica has sold 1,655 Brazilian towers to Towerco Latam Brazil for $214m (760m reais), according to a securities filing published on Friday.

The deal “aims to optimise the allocation of the company’s capital, generating value for shareholders,” a Telefônica Brasil statement read in the filing.

“The transaction secures the continuity of the provision of personal mobile service (PMS), in the sense that it also includes the lease of space in these infrastructures through a long-term contract, and establishes conditions for the expansion of the rented space.”

Towerco Latam is a company indirectly controlled by Telefónica through its global infrastructure unit Telxius. Telefónica made a similar move in Peru, transferring 900 towers to Telxius.

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