April 24, 2020 / 7:25 AM / 4 months ago

Telefonica to sell Germany's cell towers to Telxius for 1.5 billion euros: paper

FILE PHOTO: A general view shows the Telefonica headquarters in Madrid, Spain, June 12, 2018. REUTERS/Juan Medina/File Photo

MADRID (Reuters) - Spanish telecom giant Telefonica (TEF.MC) has started negotiations to sell its cellphone towers in Germany for 1.5 billion euros ($1.6 billion), newspaper Expansion reported on Friday.

Telefonica plans to sell as many as 10,000 German towers to Telxius, the telecom infrastructure company it owns in partnership with private equity fund KKR and textile billionaire Amancio Ortega’s investment fund Pontegadea, the newspaper said.

Telefonica owns 50.01% in Telxius, Expansion said.

A Telefonica spokeswoman declined to comment.

Telefonica has already sold mobile telephone infrastructure to Telxius and its CEO Jose Maria Alvarez-Pallete has said his company planned to sell more towers, preferably to Telxius.

Reporting by Inti Landauro; Editing by Emelia Sithole-Matarise

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