Telefonica is working on the spin-off of its domestic infrastructure unit and could either list it or look for a trade buyer for a minority stake, according to Reuters.

The aim is to list the unit or sell a stake during the first half of 2016.

In addition to Telefonica’s 11,500 cellular masts in Spain, the unit would own data centres and some domestic undersea cables. A source placed a valuation of between €5 billion and €6 billion on the unit.

Telefonica previously sold more than 1,000 masts in its home market to Spanish infrastructure firm Cellnex several years ago.

The company could also park more masts from overseas with the unit in the future. Both Brazilian and German businesses could see their infrastructure added in this way. Ultimately, with those additions, the unit could be worth more than €10 billion.

Spinning off the unit has a number of benefits, including debt reduction. Cutting the burden of debt was previously a key consideration for Telefonica, although it seems to have weighed less heavily on its mind recently.

Telefonica declined to comment.