Telefonica Values Telxius at EUR3 Billion or More in IPO Pricing
September 20 2016 - 8:43AM
Dow Jones News
By Jeannette Neumann
MADRID--Telefonica SA (TEF) plans to sell shares in its Telxius
infrastructure unit at 12 euros ($13.41) to EUR15 a share, part of
the Spanish telecommunications giant's plan to raise funds to
reduce debt.
Telefonica said in regulatory filing on Tuesday that the price
range values its Telxius unit between EUR3 billion to EUR3.75
billion. It will seek to sell up to 40% of the unit. Telefonica
said it expects the final price to be set on Sept. 29 and shares to
start trading on Oct. 3.
Telefonica said earlier this month that it had also "begun the
preparatory work" for a potential IPO of O2, its British mobile
operator.
Raising cash by floating off businesses is part of the
operator's effort to reassure investors and credit-ratings firms
that it is focused on reducing debt of more than EUR50 billion,
analysts say.
Write to Jeannette Neumann at jeannette.neumann@wsj.com
(END) Dow Jones Newswires
September 20, 2016 08:28 ET (12:28 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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