Abertis to Buy Telefonica, Yoigo Phone Towers for $509 MillionManuel Baigorri
Abertis Infraestructuras SA agreed to buy mobile-phone towers from Telefonica SA and TeliaSonera AB’s Spanish unit Yoigo as it seeks to boost its telecommunications infrastructure business.
Abertis will buy at least 4,227 mobile-phone towers from the Spanish and Swedish phone carriers for 385 million euros ($509 million), the Barcelona-based company said in a statement today. The transaction will contribute about 60 million euros a year to earnings before interest, taxes, depreciation and amortization, it said.
Telefonica and Yoigo will be customers for the towers in the coming years, and other phone carriers will be also able to use them, Abertis said. The company expects the transaction to close in the fourth quarter of this year.
Abertis, whose businesses range from toll roads and airports to telecommunications, is expanding its fixed- and mobile-telephone infrastructure business as operators start to roll out faster fourth-generation mobile services. Last year, it acquired 1,000 mobile phone towers from Telefonica.
Abertis shares fell 0.1 percent to 13.95 euros at 5:09 p.m. in Madrid, while Telefonica gained 1.1 percent to 10.84 euros. TeliaSonera climbed 0.9 percent to 47.61 kronor in Stockholm.
Separately, Telefonica and Yoigo signed a network sharing agreement enabling Yoigo to sell combined fixed-mobile services to its customers, they said in a joint statement.
Telefonica will also be able to offer its customers faster mobile services on Yoigo’s 4G network, the companies said. Both companies have extended their national roaming contract for Yoigo to use Telefonica’s 2G and 3G networks until 2016.