Telefonica: Telefónica Considering Selling its Stake in Cornerstone

Telefonica is mulling over selling its stake in Cornerstone, a UK mast operator. The Spanish operator has a 50% stake in the company which it considers a “disposable asset.” The other half is held by Vantage Towers. According to Reuters, the CEO of Telefonica said that the company has not yet made a decision on the sale. He however added that it is considering a total or partial sale.

The value of Telefonica’s stake in the company wasn’t disclosed. However, media outlets like Bloomberg reported that Cornerstone is valued at around £10 billion. Cornerstone is UK’s largest tower company. It manages up to 20,000 sites on behalf of its two anchor tenants.