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Name | Symbol | Market | Type |
---|---|---|---|
Telefonica SA | NYSE:TEF | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.06 | 1.33% | 4.56 | 4.57 | 4.54 | 4.56 | 530,632 | 01:00:00 |
By Ian Walker
Telefonica S.A. (TEF) said it is selling 40% of infrastructure unit Telxius Telecom S.A.U. to private-equity firm Kohlberg Kravis Roberts & Co. for 1.28 billion euros ($1.35 billion), the latest move by the Spanish telecom operator to reduce its multibillion-euro debt burden.
The deal values the business at EUR3.2 billion, equivalent to EUR12.75 a share. The price is at the bottom end of the EUR3 billion to EUR3.7 billion indicated range set by the company on Feb. 10 when the Spanish company announced that it had received several offers to buy a stake in the telecommunications-tower business.
The sale of a stake in Telxius is part of the divestment plan that the multinational has designed to reduce its high debt. Initially, Telefonica considering floating the business on the stock exchange, but canceled the plan when the likely valuation proved too far below its expectations.
Telefonica said Tuesday the sale will have no impact on the group earnings as it consists on the sale of a minority stake.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
February 21, 2017 04:03 ET (09:03 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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