By Mauro Orru

Telefonica SA subsidiary Pontel Participaciones SL has struck an agreement with a company managed by KKR & Co. to buy its stake in Telxius Telecom SA for 215.7 million euros ($243.1 million).

The Spanish telecommunications company said late Tuesday that the deal is for Pontel to buy a 40% stake in Telxius from Taurus Bidco Sarl--the company managed by KKR--effectively bringing Pontel's ownership of Telxius to 100%.

Telefonica owns 83.35% of Pontel Participaciones, with the remaining 16.65% held by Pontegadea Inversiones SL.

However, Pontegadea will raise its stake in Pontel to 30%, meaning Telefonica will hold a 70% stake in the subsidiary.

The change in stakes implies that Telefonica will have a 70% indirect holding in Telxius, with Pontegadea retaining 30%.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

February 02, 2022 01:53 ET (06:53 GMT)

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