Renta 4 | VMEDO2 UK is selling a stake in Cornerstone Telecommunications. VMEDO2 UK, Telefónica’s 50:50 JV with Liberty Global in the country, has agreed to sell an 8.33% stake in mobile towers joint venture Cornerstone Telecommunications to UK-based asset manager Equitix. VMEDO2 will receive at closing approximately £186 million in cash (approximately €221 million), equivalent to a multiple of 21x adjusted EBITDA 2024 R4e and will retain a 25.01%...

Banco Sabadell : The Ministry of Defence will unblock the purchase of 9.9% of TEF by STC (it already holds 4.9% directly). Thus, according to this information, in the next few days the Government will approve the acquisition of this stake, valued at ~2,300 M euros. Assessment: Expected news, no impact. Other shareholders are: SEPI (10%), Criteria (9.99%), BBVA (4.94%), Vanguard (3.56%).

Link Securities | Telefónica (TEF), through its 50/50 joint venture with Allianz (ALV-DE) for the deployment of fibre optics in Germany, has closed a deal with Infracapital, the infrastructure investment arm of British asset manager M&G, for the acquisition of Infrafibre Germany (IFG), which specialises in rural areas, according to Expansión on Wednesday. As part of the deal, which market sources value at just under €100 million, the Telefónica and...

The sale of Avatel, a key operator in medium-sized towns, is moving forward with fewer candidates on the table. The entry of a majority partner in the company, which originated on the Costa del Sol, is currently being decided between Telefónica and the Spanish management firm Inveready. The number of contenders has decreased following the withdrawal of three international funds that were invited to participate in the process: PAI Partners,...

Banco Sabadell: According to press reports, Telefónica will launch in the coming weeks the process to bring a minority partner into the newly created fibre-optic subsidiary with Vodafone. The information indicates that the new partner would enter with a stake of around 40%, and Telefónica would be left with a majority stake of around 50% (thus leaving around 10% in the hands of Zegona, owner of Vodafone Spain). We recall...

Telefónica and Vodafone are accelerating their plans to bring in a minority partner to their newly created subsidiary that groups their optical fiber. The company chaired by José María Álvarez-Pallete aims to replicate the scheme it has implemented in other countries, and for this, it has hired two investment banks, Barclays and BBVA. The plan involves opening the capital up to 40% and leaving Telefónica with a majority stake. The...