(Adds details, background)
* Sale aimed at reducing group's debt
* Financial details of sale not disclosed
* Unit had revenues above 100 mln euros in 2012
BRUSSELS, March 19 Dutch telecoms group KPN
will sell its infrastructure unit IS&P to Dutch
engineering company SPIE Nederland, the company said on Tuesday,
the latest in a string of divestments aimed at reducing debt.
The group, which did not disclose financial details of the
transaction, said that IS&P employs 600 people and had revenues
of more than 100 million euros ($129.6 million) in 2012.
KPN's net debt to EBITDA (core profit) ratio, which it aims
to keep between 2.0 and 2.5, stood at 3.0 at the end of the
In late 2012 KPN sold its mobile tower infrastructure in
Germany and the Netherlands and will rent access from the new
KPN, which also plans a 3 billion euro rights issue to bring
down its debt, has already cut its dividend for 2013 after it
had to spend an above-forecast 1.35 billion euros in a mobile
frequency auction in the Netherlands in December.
The group is currently ranked one notch above the lowest
investment-grade rating by Moody's and Standard & Poor's, which
both have a negative outlook on KPN's debt.
($1 = 0.7717 euros)
(Reporting by Robert-Jan Bartunek; Editing by David Goodman)