Telefonica is pressing ahead with IPO plans for Telxius, its global infrastructure business, reports Bloomberg.

CaixaBank and Banco Bilbao Vizcaya Argentaria have been added as global coordinators, along with Goldman Sachs and JPMorgan Chase, said sources. The sale could take place as soon as July, they added.

The sale of Telxius, which includes Telefonica’s cellular towers and network assets such as submarine cables, is central to the group’s debt reduction strategy, particularly since the European Commission blocked the sale of its UK business to CK Hutchison.

The IPO could raise between €4 billion and €5 billion, a helpful amount as CEO Jose Maria Alvarez-Pallete contemplates a €50 billion debt pile. Last month, Telefonica said Telxius had 2015 revenue of €680 million and OIBDA (Operating Income Before Depreciation and Amortisation) of €300 million.

The sale of Telefonica O2 would have raised £10.3 billion (€13.5 billion) but was deemed anti-competitive by the EC.

In addition to the banks already named, Mediobanca, BNP Paribas, HSBC, Banco Santander, Citigroup and UBS Group will act as joint bookrunners for the IPO, said sources.