Telefonica SA TEF - Telxius exercise option (3774W)
14 November 2017 - 6:00PM
UK Regulatory
TIDMTDE
RNS Number : 3774W
Telefonica SA
13 November 2017
TELEFÓNICA, S.A., as provided in article 228 of the Spanish
Stock Market Act (Ley del Mercado de Valores), hereby reports the
following
SIGNIFICANT EVENT
Following the Significant Events published on February 21, 2017
and October 24, 2017 related to the agreement (the "Agreement")
reached between Telefónica and Taurus Bidco S.à.r.l. (hereinafter
"KKR", an entity managed by Kohlberg Kravis Roberts & Co. L.P.)
for the sale of up to 40% of the share capital of Telxius Telecom,
S.A.U. ("Telxius"), Telefónica announces that KKR has exercised
today the call option foreseen in the Agreement over 38 million
shares of Telxius (representing 15.2% of its share capital) in
exchange for 484.5 million euros (12.75 euros per share).
Following the closing of this sale of 15.2% of the share capital
of Telxius, expected for December 2017, together with the 24.8% of
the share capital acquired on October 24, 2017, KKR shall have
acquired 40% of the share capital of Telxius in exchange for an
aggregate amount of 1,275 million euros (12.75 euros per
share).
This transaction has no impact on the consolidated results of
the Telefónica Group as it consists on the sale of a minority
interest, with Telefónica retaining control over Telxius.
This transaction is part of the Telefónica Group's asset
portfolio management policy, based on a strategy of value creation
and strategic positioning. It also complements the objective of
organically reducing debt in a growing cash flow scenario.
Madrid, November 13, 2017
This information is provided by RNS
The company news service from the London Stock Exchange
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