The Swedish fund EQT has offered $2.2bn to buy Telefonica’s submarine cable business, Spanish website El Confidencial reported on Tuesday, citing unidentified sources close to the operation.
The Scandinavian private equity firm made a preliminary offer for the business, which is part of Telxius, a Telefonica unit, in which rival fund KKR and Spanish billionaire Amancio Ortega’s investment vehicle Pontegadea own minority stakes, the website said.
Telefonica, which is advised by investment banks Societe Generale and Greenhill, would make a decision by the summer, El confidencial said.
The sale is part of a wider Telefonica plan to reduce its debt by selling assets.
A Telefonica spokesman declined to comment, while a spokesman for EQT was not immediately able to comment. Greenhill and Societe Generale did not respond to requests for comment.
Source: Reurters
Can’t stop reading? Read more
Fund Friday: Top fundraising news in private equity
Fund Friday: Top fundraising news in private equity Partners Group has closed its latest private...
Ares commits $300m to scale Clearwater’s C-PACE real estate credit platform
Ares commits $300m to scale Clearwater’s C-PACE real estate credit platform Ares has committed up...
GIC-backed Envision AESC explores $2bn Hong Kong IPO
GIC-backed Envision AESC explores $2bn Hong Kong IPO GIC-backed Envision AESC is exploring a Hong...