Telefonica seeks fibre partner like American Tower for Brazilian venture
- Dow hits milestone, S&P breaks record high on tech rally
- Thermo Fisher Scientific (TMO) to Acquire PPD, Inc. (PPD) for $47.50/sh, $17.4 Billion
- U.S. retail sales post largest gain in 10 months; weekly jobless claims fall
- The Stock Market is Almost 'Completely Broken' - Einhorn
FILE PHOTO: The logo of Telefonica is seen on company's headquarters in Bogota, Colombia May 28, 2019. REUTERS/Luisa Gonzalez
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
MADRID (Reuters) - Telefonica is seeking a partner like U.S.-based American Tower for part of a fibre optics network expansion it is planning in Brazil, Chief Operating Officer Angel Vila said on Thursday.
Telefonica will fund the first stage of the development off its own balance sheet and then there will be a second stage for which "we are addressing through agreements with fibre owners like American Tower," Vila told analysts on a conference call.
Eventually, half of the unit will be owned by Telefonica and its local unit Telefonica Brasil, and the other half will be owned by the partner, Vila said, adding it may expand the unit through acquisitions.
(Reporting by Isla Binnie, Eidting by Inti Landauro)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Australia's NAB fields questions over potential purchase of Citi's local consumer unit
- Tokyo Olympics must be 'reconsidered' due to Japan's failure to contain pandemic - report
- Mexico charges 30 marines over forced disappearances in border city