Spain’s electricity grid operator REE said it agreed to sell a 49% stake in its telecom infrastructure unit Reintel to U.S.-based buyout fund KKR for $1.10bn.
Reintel operates a network of 50,000 km of fibre optic laid along the electricity grid and railways, REE said late on Thursday.
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The unit generated 104 million euros of earnings before interest, taxes, depreciation and amortization in 2021, the company said.
The sale is part of a strategy to raise funds to finance investments in the country’s electricity grid to connect renewable power plants under construction.
ource: Reuters
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