BERLIN (AP) — Deutsche Telekom says it is selling a majority stake in its German and Austrian cellphone tower business to American and Canadian investors for 17.5 billion euros (dollars).
The Bonn-based telecommunications company said U.S.-based DigitalBridge and Canada’s Brookfield would take a 51% share in GD Towers while it would retain the remaining stake “with significant minority protection rights.”
GD Towers operates more than 40,000 sites in Germany and Austria.
Deutsche Telekom said it would use the proceeds from the sale to reduce its debt and speed up plans to increase its stake in cellphone operator T-Mobile US to 50.1%.
The company said regulatory approval for the transaction is expected later this year.