FRANKFURT (Reuters) - KPN’s (KPN.AS) German mobile phone service provider E-Plus is in early talks to sell thousands of cell phone towers to a financial investor to raise funds for network expansion, Der Spiegel reported, without giving its sources.
The German weekly magazine said on Sunday that E-Plus would lease back the towers as part of the deal.
A spokesman for E-Plus declined to comment on the matter.
The company has been investing heavily in marketing and network expansion, causing its operating profit to stagnate at 303 million euros ($397 million)in the first quarter of 2012, despite a 3 percent gain in revenues.
Reporting by Maria Sheahan and Peter Maushagen; Editing by Anthony Barker