Deutsche Telekom will sell 51% of the capital of its subsidiary GD Towers
BERLIN (Reuters) – Deutsche Telekom said on Thursday it had completed the sale of a 51% stake in its mobile phone relay subsidiary GD Towers to a consortium of Brookfield and DigitalBridge, based on an enterprise value of 17. 5 billion euros.
The German telecommunications giant will retain the remaining 49% stake.
The transaction, which should be completed towards the end of the year, should allow the group to collect 6.6 billion euros in cash and reduce its debt by 4.1 billion, according to figures presented by Deutsche Telekom . It will thus allow him to finance part of his rise in the capital of his American subsidiary T-Mobile, in which he wants to become a majority.
“We are crystallizing the value of our tower assets, creating value for our shareholders,” said CEO Tim Höttges.
(Rachel More; French version Dagmarah Mackos, editing by Kate Entringer)
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