EconomyMarkets

Telefonica sells mobile phone masts to American Towers for $9.4 billion By Reuters

© Reuters. FILE PHOTO: The logo of Telefonica is seen on company’s headquarters in Bogota

MADRID (Reuters) – Spanish telecom company Telefonica (NYSE:) said on Wednesday it agreed to sell its mobile phone masts in Europe and Latin America to U.S.-based telecom infrastructure operator American Towers for 7.7 billion euros ($9.41 billion) in cash.

Under the terms of the deal, Telefonica’s infrastructure unit Telxius will hand over the company’s mobile phone masts in Spain, Germany, Brazil, Peru, Chile and Argentina.

Telefonica also said it plans to use the proceeds of the sale, which include a capital gain of about 3.5 billion euros, to reduce its net financial debt by 4.6 billion euros.

The Spanish company has said for the past two years that it planned to reduce its exposure to Latin America where profit margins have dwindled to reduce its debt.

($1 = 0.8187 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button