Deutsche Telekom has agreed to promote a majority stake in GD Towers, in a deal that can give its towers enterprise an enterprise worth of €17.5bn.
The German telecoms group stated on Thursday {that a} consortium of Canadian asset supervisor Brookfield and US personal fairness agency DigitalBridge would take a 51 per cent stake in GD Towers, with Deutsche Telekom retaining the rest.
In a press release, Deutsche Telekom chief govt Tim Höttges stated the sale created worth for shareholders. “At the same time, the deal allows us to continue improving Deutsche Telekom’s undisputed network leadership in Germany and benefit from further value upside of the towers business through our retained 49 per cent stake,” he added.
The proceeds of the sale will likely be used to scale back Deutsche Telekom’s debt and pace up its aim of buying a majority share in US subsidiary T-Mobile, the group stated.
GD Towers operates roughly 40,000 websites in Germany and Austria and employs about 800 workers. In Deutsche Telekom’s most up-to-date leads to May, the towers enterprise posted first-quarter revenues of €284mn.
“The partnership being formed today is about building the next generation digital infrastructure champion of Europe,” stated Marc Ganzi, DigitalBridge chief govt.
Source: www.ft.com