Telefónica strengthens its alliance with Pontegadea to increase its stake in Telxius Telecom’s submarine cable infrastructure

Telefónica and Pontegadea consolidate their alliance in Telxius Telecom to strengthen their commitment to submarine cables, an asset that has proved critical during the pandemic and whose contribution will be equally fundamental in the development of the new digital era. The two partners are increasing their stake in Telxius Telecom, a global telecommunications infrastructure company, by acquiring a 40% stake in Telxius Telecom, previously held by KKR.

With this transaction, Telefónica will increase its stake to 70% and Pontegadea will increase its stake to 30%. The acquisition is carried out for an estimated amount of 215.7 million euros, pending, among others, the corresponding adjustments derived from the sale of Telxius’ tower business to American Tower in 2021.