American Tower Pays $9.4B For Telefonica's Phone Mast Biz

Law360 (January 13, 2021, 10:20 AM EST) -- A private equity-backed subsidiary of Spanish telecommunications giant Telefonica SA has agreed to sell its phone towers business in Europe and Latin America to Massachusetts-based American Tower Corp. for €7.7 billion ($9.4 billion), the companies said Wednesday.

The transaction sees Telxius Telecom SA selling its telecommunications towers division in Europe and Latin America, which comprise facilities and assets in Spain, Germany, Brazil, Peru, Chile and Argentina, according to a statement. The deal features roughly 30,722 telecommunication tower sites. Telxius is minority owned by investment firms KKR & Co. LP and Pontegadea.

For Telefonica, the divestiture will allow the company to, among...

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