Telefonica to Sell off Data Centers Through New Subsidiary -Cinco Dias

Date : 11/21/2018 @ 11:14AM
Source : Dow Jones News
Stock : Telefonica Sa (TEF)
Quote : 8.02  0.0 (0.00%) @ 8:59PM

Telefonica to Sell off Data Centers Through New Subsidiary -Cinco Dias

Telefonica (NYSE:TEF)
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--Telefonica is planning to create a subsidiary in order to sell off its data-processing businesses, Spanish daily Cinco Dias reports, citing unnamed sources.

--The Spanish company will package its 25 data centers--currently spread out across Telefonica subsidiaries in nine countries--into a separate company that will then be fully or partially sold off as part of a wider plan by the telecommunications giant to pare down its debt, according to Cinco Dias.

--The divestment could generate up to 1 billion euros ($1.14 billion) that Telefonica would put toward reducing its debt pile of EUR42.63 billion, Cinco Dias says.


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(END) Dow Jones Newswires

November 21, 2018 05:59 ET (10:59 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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