Telefonica seeks fibre partner like American Tower for Brazilian venture

February 25, 2021 5:18 AM EST

FILE PHOTO: The logo of Telefonica is seen on company's headquarters in Bogota, Colombia May 28, 2019. REUTERS/Luisa Gonzalez

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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)

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