Telefonica to offload 2% PT stake within a matter of weeks

20 Nov 2012

According to Spanish business daily El Economista, telecoms giant Telefonica has indicated that it is likely to dispose of its minor 2% stake in Portugal Telecom ‘in the coming weeks’. In separate news the company also intends to offload around 250 cell towers in an unspecified market. The two transactions are expected to bring in around EUR88 million (USD112.4 million), with the PT stake thought to account for the lion’s share.

Earlier this month Bloomberg quoted Telefonica chief financial officer Angel Vila as saying that the company had received offers for numerous non-essential assets, adding that he would assess whether or not the transactions could add value to the company. As such, at that date, Telefonica was ‘monitoring market conditions’ to sell its 2% PT stake.

Portugal, Pharol (formerly Portugal Telecom SGPS [PT SGPS]), Telefonica