Telefonica announced on 23 December 2019 a EUR290 million (USD325 million) deal to sell 2,029 towers in Ecuador and Colombia to Phoenix Tower International, a company backed by Blackstone Group and John Hancock, among others. Telefonica Ecuador has sold 1,408 towers for EUR202 million and Telefonica Colombia 621 towers for EUR87 million, complementing similar disposals executed earlier in 2019. Telefonica noted the sale is part of a plan announced in September to accelerate the monetisation of its portfolio of mobile sites while maintaining maximum operational flexibility. Following these transactions, Telefonica owns, directly and through its subsidiaries, around 66,000 sites. Of these, approximately 20,000 are owned by Telxius, Telefonica’s infrastructure unit, and the remaining 46,000 by other group subsidiaries.