The latest reports from El Confidencial say that Spain’s Telefonica has successfully hired Goldman Sachs investment bank for the sale of its 50% stake in a mobile masts operation in Britain. El Confidencial cited reliable sources close to the matter that confirmed that the sale would happen imminently.
September 13, 2021, El Confidencial publication said that the stake in Cornerstone Telecommunications Infrastructure Limited that Telefonica shares equally with UK rival Vodafone would be valued at around 2 billion euros ($2.4 billion).
A spokesperson from Telefonica did not comment on the matter, and Goldman Sachs officials declined to reply to a request for comments. The Spanish telecom giant company had mentioned that it was open to selling the stake in Cornerstone when it sold its mobile phone masts in Latin America and Europe to American Tower for 7.7 billion euros earlier in 2021.
Currently, Telefonica is in the process of selling down various assets to cut its debt, and also wants to use proceeds from some divestments to fund several other acquisitions.