Clifford Chance, CMS, Ashurst Lead On €1.5B Telefónica Deal
The sale is designed to afford Telefonica a degree of financial flexibility during the "entrepreneurially challenging corona pandemic".
June 16, 2020 at 06:06 AM
2 minute read
Clifford Chance, CMS Hasche Sigle, Ashurst and Kümmerlein are among the firms advising on the €1.5 billion sale by Telefónica's German arm of 10,100 radio technology sites to a subsidiary company.
In a statement, Telefónica said that it expects the sale to subsidiary Telxius to allow it to secure access to vital locations for the expansion of its 5G network. The company added that, as part of the deal, Telxius will over a four-year period develop a total of 2,400 additional sites for the installation of active radio technology, and will lease space on these to Telefónica Deutschland.
Telefonica owns Telxius with private equity firm KKR and Pontegadea, the investment firm of Zara owner Amancio Ortega's, the company said.
Advising Telefónica Deutschland, CMS Hasche Sigle is partnering with German firm Kümmerlein. CMS is being led by German M&A partners Oliver Thurn and Martin Kuhn, while Kümmerlein has fielded a team led by M&A partners Joachim Gores and Maximilian Ziegler.
Meanwhile, Ashurst is advising Telxius, led by client relationship partner Amanda Hale in London, with support from digital economy team co-head Nick Elverston. In Germany, partners Benedikt von Schorlemer and Maximilian Uibeleisen are leading, supported by partners Michael Holzhäuser, Gerrit Clasen and Andreas Mauroschat. In Australia, partner Tim Brookes is also assisting.
Clifford Chance is acting for private equity firm KKR – which holds a 40% stake in Telxius. Its team includes Madrid private equity partners Javier Amantegui and Samir Azzouzi, and Frankfurt-based partner Frederik Mühl.
Telefónica Deutschland's CFO, Markus Rolle, said in a statement: "In the current entrepreneurially challenging corona pandemic, we want to continue to shape our financial profile conservatively. The financial flexibility that comes with the sale significantly increases our entrepreneurial scope in the medium and long term."
The deal, which is subject to regulatory approval, is Clifford Chance's latest multi-billion euro mandate for KKR this year. In February, the firm assisted the private equity giant on a major German broadband deal, worth around €2.5 billion.
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Clifford Chance and Latham and Watkins Advise On Major German Broadband Deal
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