German telco Deutsche Telekom completed the sale of its transmission tower business in Germany and Austria on February 1, 2023.
Investment companies DigitalBridge and Brookfield acquire a 51% stake in Telekom subsidiary GD Towers for over €10 billion.
GD Towers operates more than 40,000 mobile sites in Germany and Austria with around 800 employees. The company, which also includes telecommunications and broadcast tower operator Deutsche Funkturm, generated pro forma revenues of €1.1 billion in 2021. Adjusted pro forma EBITDA AL amounted to €640 million in 2021.
The management team led by CEO Bruno Jacobfeuerborn and Chairman Thorsten Langheim will continue to manage the business.
Deutsche Telekom retains 49% of the shares “with significant minority rights and thus retains a stake in future value growth in the attractive infrastructure business,” according to the telko, adding that Telekom Deutschland and Magenta Austria will continue to have unrestricted access to GD Towers’ passive infrastructure via long-term lease agreements.
Deutsche Telekom announced the transaction in July 2022.
