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  1. #1
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010
    Posts
    17,203

    [EN] Telefonica pitching Telxius to private equity

    Rob Powell
    February 14th, 2017

    After its planned IPO of Telxius didn't generate sufficient interest last year, Telefonica remains interested in monetizing the division. Reports over the weekend suggest that they are in the final stages of negotiations with a group of private equity companies that would see the sale of a 49% stake in Telxius.

    Telefonica created Telxius one year ago this month, turning its submarine cable and tower assets into an infrastructure asset. The idea was always tied to monetizing the asset as a means toward lowering Telefonica's $50B debt load, a weight the company has been seeking to lighten for several years now. Of course they have also been looking to monetize their UK wireless subsidiary O2, but have been slowed down by regulators who nixed a deal with Hutchison's Three.

    Supposedly on the other side of the deal that is on the table are the private equity players KKR, CVC, and Ardian, as well as the sovereign fund GIC. Exactly which of those are working with which others isn't clear yet. Nevertheless, talks are said to be moving ahead quickly. The report suggests that a deal could be in the works in March or even possibly by Telefonica's earnings call in 9 days.

    http://www.telecomramblings.com/2017...private-equity

  2. #2
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010
    Posts
    17,203

    Spain's Telefonica in talks to sell Telxius stake

    Andrés González
    Feb 9, 2017

    Spain's Telefonica is in talks with private equity firms KKR, CVC and Ardian as well as sovereign fund GIC about the sale of a 49 percent stake in its telecom masts subsidiary Telxius, four sources said.

    The sources familiar with the matter said Telefonica had hired HSBC as an advisor and while the talks could still fall through they were at a final stage and Telefonica wanted to reach a deal before March.

    A successful sale would only be a small step in bringing down Telefonica's 50 billion euros ($53 billion) of debt, but it would go a long way in showing investors its strategy of cutting its dividend last year to wait for a better window to divest assets, rather than selling them cheaply, is paying off.

    The move by the telecoms company follows several failed deals - including a cancelled Telxius initial public offering and the blocked sale of its British subsidiary O2 - as it tries to cut debt, recover financial muscle and boost its share price.

    It would also be the clearest indication to date that Telefonica still sees value in owning network infrastructure and is not willing to follow some rivals who have abandoned control of their towers to become technology or content companies.

    Two of the sources said a deal could even be announced before Telefonica releases full-year earnings on Feb. 23.

    "The deal is going fast, faster than a non-binding and binding offers process. The idea of Telefonica is to close something shortly, even ahead of its results," said one of the sources, on condition of anonymity.

    Telefonica, HSBC, KKR, CVC, and Ardian declined to comment. GIC did not immediately respond to a request for comment.

    Some of the sources said GIC and CVC could make a joint offer while others said KKR could team up with Ardian, or that KKR, GIC and CVC could all bid together.

    The funds are also asking Telefonica to enter into a shareholders pact as part of the sale so they can have a say in the management of the towers subsidiary, even if they do not acquire full control, the sources said.

    The 49 percent stake is expected to fetch at least 1.47 billion euros based on the valuation of the failed initial public offering (IPO) of the telecom masts business in September.

    Analysts and insiders believe the sale of the Telxius stake would pave the way for Telefonica to revive attempts to raise money from O2 UK, either through an IPO or the sale of a stake in the British telecoms company.

    (Additional reporting by Pamela Barbaglia, Dasha Afanasieva and Saeed Azhar; writing by Julien Toyer; editing by David Clarke)

    http://www.reuters.com/article/us-te...-idUSKBN15O1K8

  3. #3
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010
    Posts
    17,203
    KKR, que levou um beiço da Aceco e no ano passado foi o primeiro investidor na história da OvH.

  4. #4
    Aspirante a Evangelist
    Data de Ingresso
    Jul 2012
    Posts
    388
    Coincidência que justamente ontem comecei um livro com a "biografia" da KKR.

    Merchants of Debt

    20 temers o ebook na Amazon versão full ou 8 a versão resumida.

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