Telxius will acquire approximately 10,100 tower sites from Telefónica Deutschland. The agreement includes the commitment to build 2,400 additional sites (BTS), ensuring exceptional future growth in Europe’s largest market.
The transaction, subject to regulatory approvals, amounts to a total of 1.5 billion euros.
The sale of these towers has been closed at a multiple of c.23x EV/EBITDA, reflecting favourable market conditions for infrastructure deals.
With this deal, Telxius will double the size of its tower portfolio to over 32,800. Approximately 80% of its sites are in Europe, while the rest of the portfolio is in Latin America.
Telxius will finance 90% of the value of the acquisition via a capital increase -to be subscribed by its current shareholders in proportion to their participation in the company- and through internally generated resources. The remaining 10% will be financed through incremental debt.
Telxius is owned by Telefónica (50,01%), KKR (40%) while the remaining (9.99%) stake is owned by Pontegadea.
This transaction will reduce Telefónica Group’s net debt by approximately 500 million euros between 2020 and 2021, due to the contribution made by Telefónica’s partners in Telxius, net of the corresponding tax impacts.
