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Telefónica will reduce its debt following the $9.4 billion sale of its mobile phone masts to Boston-based American Towers. Getty Images
Shares in Telefónica soared almost 10% on Wednesday, after the Spanish telecom company struck a deal to sell its mobile phone masts in Europe and Latin America to U.S.-based telecom infrastructure operator
American Tower for $9.4 billion in cash.
The back story. European telecom companies have stepped up the sale of their valuable tower estates in recent years, as they look to cut their debt and raise cash to invest in the costly rollout of 5G networks to keep pace with the surge of data for applications such as fixed wireless and autonomous vehicles.