Telefonica is looking to spin-off its Spanish cellular masts unit by mid-2016, Reuters reported.
According to the report, the company is seeking to either list the asset or partially sell the unit, which includes 11,500 masts in Spain, data centers and a handful of domestic undersea cables. The unit is valued between 5 billion euros ($5.4 billion) and 6 billion euros ($6.5 billion).
Additional infrastructure from the company’s international subsidiaries may also be added to the unit, raising the value to more than 10 billion euros ($10.8 billion), Reuters reported.
The spin-off would help Telefonica further monetize its assets to reduce some of its 50 billion euro ($54 billion) debt load.
Telefonica is also currently awaiting approval from European regulators for the 10.3 billion pounds ($15 billion) sale of its British mobile business to Hutchison of Hong Kong.
The sale would combine Telefonica U.K. and Hutchison subsidiary Three U.K., the second and fourth largest mobile operators in the country, to form the biggest wireless provider in the United Kingdom. Regulators said they are investigating whether that takeover would result in higher prices or less choice for U.K. consumers.
Filed Under: Infrastructure
