Telefónica sells LatAm towers

Telefónica sells LatAm towers

Debt M&A Telecoms Argentina Brazil Chile Europe Peru Latin America US

Spanish telecommunications company Telefónica said Wednesday that it reached an agreement to sell its Telxius tower division to American Tower for €7.7 billion ($9.36 billion). Boston-based American Tower will pay cash for the assets, which include nearly 31,000 communications sites in Argentina, Brazil, Chile and Peru as well as Germany and Spain, Telefónica said in a press release. Telefónica will use some of the proceeds to pay off €4.6 billion in debt, part of a strategy to become more agile

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