Telxius Value Diminished by Telefonica's Asset-Mix Choice: Chart

Telefonica SA’s decision to lump its undersea cable business with mobile-phone towers is destroying value for the Telxius Telecom SA spinoff, according Bloomberg Gadfly’s Leila Abboud. The unit will be about the same size as its two listed peers, Cellnex Telecom SA and Infrastrutture Wireless Italiane SpA, when it could have been larger and more liquid. Including more towers would have helped counter the cable business, which is less profitable and has higher capital costs.

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