Telefonica’s subsidiary, Telxius Telecom, has signed an agreement with American Tower Corp. for the sale of its telecommunications towers division in Europe and Latin America for €7.7 billion ($9.4 billion).
The agreement includes the sale of 30,722 telecommunication tower sites and comprises two separate and independent transactions in Europe and Latin America.
Completion of the transaction will bring Telefonica Group’s net financial debt down by €4.6 billion ($5.6 billion). Following the deal, Telefonica Group operators will maintain the current lease agreements of the towers signed with the companies sold subsidiaries of Telxius Telecom.
“This is a deal that makes strategic sense within our roadmap,” said Jose Maria Álvarez-Pallete, president of Telefonica. “After this great operation, we will continue to focus on our most ambitious objectives: the integration of O2 with Virgin in the United Kingdom, the purchase of Oi mobile in Brazil and the