7/14/2022, 8:27 AM (Source: TeleTrader)
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Deutsche Telekom sells 51% stake in GD Towers for €17.5B

Deutsche Telekom AG announced on Thursday that it sold the majority stake, more precisely 51%, in its GD Towers, making a €17.5 billion deal with North American companies DigitalBridge and Brookfield.

"The deal allows us to continue improving Deutsche Telekom’s undisputed network leadership in Germany and benefit from further value upside of the towers business through our retained 49 percent stake," company CEO Tim Hottges noted.

The closing of the transaction is expected around the end of 2022. The company shared that the transaction will "reduce Deutsche Telekom's financial leverage by 10.7 billion euros and net debt including leases by 6.5 billion euros."

Baha Breaking News (BBN) / AY