Telefonica Announces Deal to Sell 40% Stake in Telxius to KKR; Shares Remain Undervalued
Telefonica announced on Feb. 21 that it had agreed to sell up to 40% of Telxius, its cellular tower and submarine cable business, to KKR for EUR 1,275 million. This values the equity of the division at EUR 3,188 million, which is in line with the valuation in Telefonica’s attempted IPO in autumn 2016 and our estimated value. Thus, this deal has no effect on our fair value estimate or narrow moat rating. We are pleased to see this deal, as it justifies the firm’s decision to pull the IPO when the...
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