Telefonica completed the sale of its Telxius tower unit after closing a €900 million deal for its assets in Latin America with American Tower.
Closure of the deal was expected after Telefonica finalised the sale of Telxius’ assets in Europe two days ago, for which it received €6.2 billion.
Its American Tower deal covers a total of 30,722 towers and was announced in January.
American Tower is taking over Telefonica’s operations in Brazil, Chile, Peru and Argentina. The Spain-based operator said it would use the proceeds to lower net debt by approximately €500 million, adding to €3.4 billion it earmarked for the same purpose from its European sale.
Telefonica stated the sale of its Telxius unit was proof it is working hard to execute a wider business transformation strategy, along with accelerating organic debt reduction.
The deal adds to a busy period for Telefonica, coming hot on the heels of the closure of a deal to merge its UK operation with Liberty Global’s Virgin Media business.