KPN to sell infrastructure unit IS&P
19 March 2013 | Kavit Majithia
KPN has reached an agreement to sell its infrastructure unit IS&P to engineering company SPIE Nederland, it was announced today.
In an effort to reduce mounting debt, the Dutch operator has agreed to the deal in its latest effort to cut costs.
KPN has not disclosed any financial details of the transaction. but confirmed IS&P employs 600 people and reported revenues of €100 million 2012. The move follows KPN’s divestment of its mobile tower infrastructure in Germany and the Netherlands in late 2012 – with plans in place to rent the equipment back from the new owners.
KPN has also confirmed plans to hold a rights issue to reduce its debt, and has already cut its dividend forecast for 2013.
It spent approximately €1.35 billion in the Netherland’s frequency auction in December, which was above forecast. SPIE Nederland, a Dutch engineering firm, employs 29,000 staff in 31 countries.