(C) Reuters. FILE PHOTO: Security guards walk past a screen displaying the logo of Spanish Telecom company Telefonica at its headquarters in Madrid, Spain, May 12, 2021. REUTERS/Sergio Perez
MADRID (Reuters) -The Swedish fund EQT (NYSE:EQT) has offered 1.8 billion euros ($2.2 billion) to buy Telefonica (NYSE:TEF)’s submarine cable business, Spanish website El Confidencial reported on Tuesday, citing unidentified sources close to the operation.
The Scandinavian private equity firm made a preliminary offer for the business, which is part of Telxius, a Telefonica unit, in which rival fund KKR and Spanish billionaire Amancio Ortega’s investment vehicle Pontegadea own minority stakes, the website said.
The sale is part of a wider Telefonica plan to reduce its debt by selling assets.
A Telefonica spokesman declined to comment, while a spokesman for EQT was not immediately able to comment. Greenhill and Societe Generale did not respond to requests for comment.
($1 = 0.8173 euros)
EQT in 1.8 billion euro bid for Telefonica submarine cables, website reports
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