Telefonica SA TEF- Closing of the sale of stake of Telxius (5118U)
October 24 2017 - 12:23PM
UK Regulatory
TIDMTDE
RNS Number : 5118U
Telefonica SA
24 October 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 Event published on February 21, 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, after obtaining all the
relevant regulatory approvals, it has transferred to KKR today 62
million shares of Telxius (representing 24.8% of its share capital)
in exchange for 790.5 million euros (12.75 euros per share).
As it was stated in the above-mentioned Significant Event, the
exchange of the remainder 15.2% of the share capital of Telxius is
expected to take place in the fourth quarter of 2017 for a price of
at least 484.5 million euros.
Furthermore, following the execution of the sale, a
shareholder's agreement among Telefónica, KKR and Telxius has
become effective today, which regulates the relationships between
Telefónica and KKR as shareholders of Telxius.
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, October 24, 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISMMMZGVDLGNZM
(END) Dow Jones Newswires
October 24, 2017 12:23 ET (16:23 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