Telefónica sells 2,350 towers to Telxius for €587m
22 April 2016 | Jason McGee-Abe
Telefónica Deutschland yesterday signed a contract to sell part of its tower portfolio to Telefónica S.A.'s infrastructure company Telxius for €587 million.
The passive towers infrastructure sale of approximately 2,350 was agreed for cash purchase price deal was approved by Telefónica Deutschland’s supervisory board and the management board.
“With this transaction Telefónica Deutschland takes advantage of current favourable market conditions for infrastructure assets, thereby maximising shareholder value,” a company statement said.
Telefónica Deutschland will continue to use the wireless masts, located mainly in rural areas, through operating lease agreements and the proceeds of the deal will be reinvested in supporting infrastructure development.
The portfolio sale accounts for less than 10% of Telefónica Deutschland's targeted passive infrastructure portfolio.