Investing.com investing.com 13 Jan, 2021 10:15 am

Telefonica stock surges on $9.4 billion asset sale to American Towers By Reuters

Telefonica stock surges on $9.4 billion asset sale to American Towers By Reuters
Telefonica stock surges on $9.4 billion asset sale to American Towers

FILE PHOTO: The logo of Telefonica is seen on company's headquarters in Bogota p By Inti Landauro and Isla Binnie MADRID (Reuters) - Shares in Telefonica (NYSE: TEF ) soared on Wednesday after the Spanish group said it had agreed to sell its mobile phone masts in Europe and Latin America to American Towers for 7.Telefonica's Telxius division, partly owned by investment fund KKR and Zara owner Amancio Ortega's investment vehicle, will hand over more than 30,000 mobile phone masts in Spain, Germany, Brazil, Peru, Chile and Argentina.-based American Towers will then lease the phone masts back to Telefonica, leaving the Spanish group only owning tower assets in Britain.Proceeds from the American Towers deal include a capital gain of about 3.

7 billion euros ($9.6 billion euros its net debt that piled up during hefty investment in networks.

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