Telefonica plans to float at least 25 per cent of Telxius, its global infrastructure unit, in the second half of 2016.

The group intends to remain as Telxius’ majority shareholder. The free float of 25 per cent is the minimum legal requirement for the listing.

The IPO plans suffered a delay thanks to the market turmoil following the UK’s European Union exit referendum, but now seem to have regained momentum. Earlier in the year it was reported the IPO could take place as early as July.

Telxius holds assets including around 16,000 wireless towers in Spain, Germany, Brazil, Peru and Chile, and an extensive fibre network.

In the year to end-December 2015, Telxius’ consolidated revenue (on a proforma basis) was €691 million and its consolidated OIBDA (also on a proforma basis) was €323 million.

Telefonica said the unit was a beneficiary of the strong global growth in data demand.

The plan is to list the shares of Telxius on the Barcelona, Bilbao, Madrid and Valencia stock markets, as well as on the Spanish Continuous Market, the country’s electronic trading system.

The unit’s customers include global carriers, wholesale and retail operators as well as over-the-top providers in several regions. Its business is spread across both developed countries and emerging markets, it said.

BBVA, Caixabank, Goldman Sachs and JP Morgan will act as joint global coordinators and joint bookrunners of the offering.

BNP Paribas, Citigroup Global Markets, HSBC Bank, Mediobanca, Banco Santander and UBS will act as joint bookrunners and Fidentiis Equities, Intesa Sanpaolo, Mizuho Bank, NMAS1 Equities, Sociedad de Valores, Royal Bank of Canada, Banco de Sabadell, Societe General will act as co-lead managers.