Telefonica SA TEF- Sale of a stake of Telxius Telecom (0375W)
27 July 2018 - 9:47PM
UK Regulatory
TIDMTDE
RNS Number : 0375W
Telefonica SA
27 July 2018
TELEFÓNICA, S.A. in accordance with the provisions of Article
228 of the Securities Market Act, hereby issues the following
SIGNIFICANT EVENT
Today, TELEFÓNICA, S.A. ("Telefónica") has transferred to a
company of the Pontegadea Group ("Pontegadea") 16.65% of the share
capital of the Telefónica's subsidiary Pontel Participaciones, S.L.
("Pontel") that owns 60% of the share capital of the company
Telxius Telecom, S.A. ("Telxius"), for an amount of 378.8 million
euros, which entails a price of 15.2 euros per share of
Telxius.
This participation of 16.65% in the capital stock of Pontel is
equivalent, in economic terms, to an indirect participation of
9.99% in the share capital of Telxius.
Likewise, Telefónica, Pontegadea and Pontel have entered into a
shareholders' agreement that regulates the relationship of
Telefónica and Pontegadea as shareholders in Pontel, consistent
with the shareholders' agreement among Telefónica, Taurus Bidco
S.à.r.l. (KKR) and Telxius.
This transaction will not have an impact on the consolidated
results of the Telefónica Group as it consists on the sale of a
minority interest, with Telefónica retaining control over Pontel
and Telxius.
This transaction is part of the Telefónica Group's asset
portfolio management policy, based on a strategy of value creation,
optimization of the return on capital and strategic positioning. It
also complements the objective of organically reducing debt and
strengthening the balance sheet in a growing cash flow scenario,
which allows us to maintain a sustainable shareholder
remuneration.
Madrid, July 27, 2018.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DISSEIFFWFASELW
(END) Dow Jones Newswires
July 27, 2018 07:47 ET (11:47 GMT)
Telefonica (LSE:TDE)
Historical Stock Chart
From Apr 2024 to May 2024
Telefonica (LSE:TDE)
Historical Stock Chart
From May 2023 to May 2024