July 30, 2020 / 9:53 AM / 4 days ago

Telefonica has launched process to create fibre company in Germany - COO

FILE PHOTO: The logo of Telefonica is seen on company's headquarters in Bogota, Colombia May 28, 2019. REUTERS/Luisa Gonzalez

MADRID (Reuters) - Spain’s Telefonica (TEF.MC) has launched a process to create a company to develop fibre networks in under-served areas of Germany, Chief Operating Officer Angel Vila said on Thursday.

“The philosophy is a neutral company with a modular model of deployment depending on demand,” Vila said. “We have launched the process and we have received indications of interest.”

He added the eventual company would be run through Telefonica’s new infrastructure unit, and local arm Telefonica Deutschland (O2Dn.DE) might take an equity stake. The parent company would have “limited financial exposure” he said.

Reporting by Isla Binnie; Editing by Ingrid Melander

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