Telefonica has taken the next step toward an IPO for Telxius. They've announced their intention to move ahead with a public listing of the infrastructure unit in the Spanish stock exchanges in Barcelona, Bilbao, Madrid, and Valencia.
Telefonica began spinning off a selection of its network assets into the Telxius unit about six months ago, including its submarine cable systems and a portfolio of towers. The plan is to make the IPO happen during the second half of 2016, with at least 25% of the company's shares involved. Beyond that, though, the details are naturally still fuzzy.
Meanwhile the Spanish giant is also looking at a potential IPO of its O2 unit in the UK. They had hoped to sell the unit outright to Hutchison, but regulators blocked those plans. Both the Telxius and potential O2 moves would be aimed at raising cash to lower the company's €53B debt burden.
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