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  1. #1
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    [EN] Telefonica Sells Telxius Stake to KKR

    Rob Powell
    February 21st, 2017

    This morning, the private equity firm KKR announced an agreement to acquire up to 40% of Telxius.

    Telefonica created Telxius last year as a vehicle for infrastructure assets such as its submarine cables and its towers. Today Telxius operates a network spanning 65,000km of submarine cables of which 31,000 are owned, as well as 16,000 towers spread across five countries. They are currently working on new cables between the US and Europe as well as the US and Latin America, among other things.

    KKR will be initially acquiring 62M shares with options to acquire another 38M. The deal implies Telxius has an enterprise value of €3.678B, of which €3.188B is equity, and an EBITDA multiple of 11.4. That puts the KKR's ultimate purchase price at €1.275B, give or take, fund which Telxius will likely use as part of its ongoing debt reduction efforts.

    Telefonica will remain the anchor client for those assets, and of course will remain the majority owner as well. But what I'll be keeping an eye on is how much of an independent streak Telxius shows from here on out. Is this just about debt reduction for Telefonica, or might we see a more aggressive stance from on the Telxius side?

  2. #2
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    PR: KKR Partners with Telefonica to Further Develop Telxius

    LONDON & MADRID--(BUSINESS WIRE)--KKR, a leading global investment firm, today announces that it has agreed to acquire a stake of up to 40 per cent in Telxius, a leading critical telecom infrastructure owner & service provider in Europe and Americas. The deal implies an enterprise value of €3.678bn and is subject to the customary closing conditions.

    Telxius owns and operates a large portfolio of nearly 16,000 telecommunications towers in five countries. It also manages an international network with approximately 65,000 kilometers of submarine fibre optic cables, of which around 31,000 kilometers are owned by Telxius. Both business units benefit from attractive growth in their core markets, as the use of mobile data and the demand for reliable internet connectivity continue to grow rapidly, particularly in Spain and Latin America.

    KKR will partner with Telefonica to continue to grow and develop Telxius' leading portfolio, both by optimizing existing assets and investing for growth, including the development of its cable network in Europe and across the Americas through two new submarine cables, one connecting the US and Brazil; the second connecting the US to Europe. KKR's global expertise and strong track record of working with corporate partners will support Telefonica in delivering long-term value for its shareholders. Following the deal, Telefonica will remain the anchor client for Telxius’ tower and cable businesses.

    Jesus Olmos, Member & Global Co-Head of Infrastructure and Head of Spain at KKR, said: "The combination of Telefonica's industrial expertise and KKR's financial and operational support will help Telxius as it continues to scale and grow. We are confident that the exploding demand for mobile data, driven by the rise in 4k and virtual reality content, together with the need for reliable internet infrastructure will help drive strong growth in the business."

    Guillermo Ansaldo, chairman of Telxius, said: “Our vision for Telxius is to capitalize on the exponential increase in data traffic forecast for the coming years by offering a first-class network in Europe and the Americas. We are delighted to have KKR on board as a long-term investment partner. We believe their solid track-record on the infrastructure business will help us achieving our common goals”.

    The investment will be funded primarily from KKR's $3.1bn second global infrastructure fund.

    About KKR

    KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds.

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