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By Nathan Allen
Telefonica SA (TEF.MC) said Friday that it has sold an indirect 9.99% stake in telecom-tower operator Telxius Telecom SA to the Pontegadea Group for 378.8 million euros ($442.9 million).
Pontegadea, which is controlled by Industria de Diseno Textil SA (Inditex) (ITX.MC) Chief Executive Amancio Ortega, will buy a 16.65% stake in Telefonica's subsidiary Pontel Participaciones SL, which in turn owns 60% of Telxius's share capital.
"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," Telefonica said.
The transaction won't have an impact on Telefonica's results and Telefonica will retain control over both Pontel and Telxius, the company said.
Telxius has more than 10,700 towers in Spain and its coverage extends over 98% of the country, according to its website.
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(END) Dow Jones Newswires
July 27, 2018 08:32 ET (12:32 GMT)
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