Telefonica and Liberty Global reportedly could put their 50 per cent stake in UK mobile infrastructure business Cornerstone Telecommunications Infrastructure (CTIL) up for sale, to raise capital for fibre broadband investments.

Bloomberg reported unidentified sources claimed the deal could be worth about €10 billion ($11.5 billion.)

CTIL is a 50-50 joint venture between Virgin Media O2, which is also a joint venture formed in 2021 by Telefonica and Liberty Global, and Vodafone Group’s Vantage Towers division.

The company owns more than 20,000 sites across the UK, according to its website.

Bloomberg reported Telefonica was looking to divest itself of Cornerstone as part of its on-going strategic review of its services and infrastructure.

The sources stated the sales process could start in early 2023, but Bloomberg also noted there was no certainty that either Telefonica or Liberty Global would decide to go through with the sale.

Rumours of Telefonica’s interest in selling its stake first surfaced in 2019 and again in 2021.