Telefonica has raised a few more euros this morning with the planned sale of a stake of Telxius to Pontegadea, a real estate investment company owned by the mega-billionaire Amancio Ortega. Ortega owns the Spanish-based Zara, which is a power in the world of retail fashion.
The corporate details are a bit hard to track. For the price of €15.2 per share, or €378.8M, Pontegadea has bought a 16.65% stake in Pontel Participaciones, which is the subsidiary of Telefonica that shares ownership of Telxius with KKR's Taurus Bidco. At present, Pontel owns 60% of Telxius, and selling just under a sixth of that will put its ownership at just above the 50% mark. So Telefonica maintains control, and a new shareholders agreement has been added to the mix between the parties involved.
Telxius has been busy building the MAREA and BRUSA cable systems in the Atlantic, projects that bring a great deal of subsea capacity into the company's portfolio. The company's full assets make for an interesting 4-continent map, one that might perhaps benefit from an Asian component at some point.