Telefonica and Pontegadea have announced plans to buy the 40% stake in infrastructure business Telxius Telecom currently held by KKR. With this transaction, Telefonica will increase its stake in Telxius to 70% and Pontegadea will increase its stake to 30%. The acquisition has been valued at EUR215.7 million (USD242.7 million), pending adjustments relating to the sale of Telxius’ tower business to American Tower in 2021. Telefonica stated: ‘The deal represents a clear commitment to submarine cables, which are assets with high growth potential and industrial relevance in the new digital era.’
Telxius Telecom owns an international network of high-capacity fibre-optic submarine cables stretching 94,000km.