Telefonica announced on Wednesday that its subsidiary Telxius Telecom agreed to sell its telecommunications towers unit in Europe and Latin America to American Towers for €7.7. billion in cash.
The European and Latin American busin4esses will be sold in two separate transactions in which American Towers will acquire approximately 30,722 telecommunication tower sites and will become Telefonica’s leading supplier in both regions. The companies added that American Towers will remain Telefonica’s partner in strategic projects in Brazil, Argentina and Colombia.
“This is a deal that makes strategic sense within our roadmap. American Towers was our second supplier after Telxius,” Telefonica CEO Jose Maria Alvarez-Oallete stated. “After this great operation we will continue to focus on our most ambitious objectives: the integration of O2 with Virgin in the United Kingdom, the purchase of Oi mobile in Brazil and the reduction of debt,” he added.