June 8, 2020 / 5:28 PM / a month ago

Spain's Telefonica to sell German cell towers to Telxius for 1.5 billion euros

MADRID, June 8 (Reuters) - Spain’s Telefonica has inked a deal to sell thousands of phone masts in Germany for 1.5 billion euros, the latest move by a telecom operator to squeeze cash from its assets in preparation for investments in next-generation 5G internet.

Telefonica will sell around 10,100 masts to Telxius Telecom, the infrastructure company it owns with private equity firm KKR and Zara owner Amancio Ortega’s investment fund Pontegadea, the company said in a bourse filing on Monday. (Reporting by Isla Binnie and Joan Faus Editing by Chris Reese)

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