<\/strong>
LONDON: Telefonica<\/a> and Liberty Global<\/a> are preparing to invite bidders for a 25% stake in Britain's largest telecoms tower company as they seek to cash in on part of their investment, according to two sources familiar with the matter.
While a decision on Cornerstone<\/a> Telecommunications Infrastructure Limited's (CTIL<\/a>) valuation has not been made, the business could fetch a price tag of more than 3 billion euros ($3.21 billion), based on recent deals in the sector and analyst estimates, said the sources, who asked to remain anonymous.
CTIL is attracting interest from pension funds including Britain's largest, the Universities Superannuation Scheme (USS), which has started preliminary work on a potential offer, two of the sources said.
Telefonica, Liberty Global and USS declined to comment.
A number of telecom towers deals in Europe have seen infrastructure investors compete for a slice of the continent's largest towers networks partly because of their stable cash yield and long-term contracts.
CTIL's adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) remained flat at 147 million euros in the six months ending September as it added more sites and tenancies, according to its most recent results published.
Telefonica and Liberty Global, through their joint venture Virgin Media O2, are working with JPMorgan Chase & Co. and Goldman Sachs Group Inc. on the sale of half their combined 50% stake in CTIL, said the people.
Vodafone owns 50% of CTIL through its Frankfurt-based subsidiary Vantage Towers<\/a>, and is not planning to cut its holding, the people said.
Telefonica and Liberty Global do not plan to ask Vantage Towers to bid for the holding for competitive reasons, according to the sources.
A spokesperson for Vantage declined to comment.
Appetite from traditional global infrastructure funds is expected to be limited in CTIL as many of these larger players would have concentration issues as they already own competitors, one of the sources said.
CTIL, established in 2012, is the largest tower company in the UK, managing around 14,200 macro sites across the country, according to Vantage's website.
CTIL's EbitdaAL, which deduces the cost of the leases from EBITDA, reached 62.8 million euros in the six months to September.
EbitdaAL is typically used as a measure of underlying profitability for telecom towers companies. In recent deals, as Brookfield<\/a>'s and DigitalBridge's acquisition of a 51% stake in the telecom tower unit of Germany's Deutsche Telekom, buyers have paid multiples of 27 times EbitdaAL.
USS, which has 82 billion pounds ($98.86 billion) in total assets under management, also owns a stake in London's Heathrow Airport and Bruc Energy, which develops renewable energy projects in Spain and Portugal.
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- Telecom乐动扑克News
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基石业主打算出售25%的移动通讯天线
而决定基础电信基础设施有限的(CTIL)估值没有业务可以获取价格超过30亿欧元(32.1亿美元),根据最近的交易部门和分析师预期,要求匿名的消息人士说。
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克鲁利amy jo和安德列斯·冈萨雷斯
伦敦:西班牙电话公司和自由的全球正准备邀请竞购英国最大的电信塔25%的股份公司寻求现金投资的一部分,据两位知情人士。
而决定基石电信基础设施有限的(CTIL)估值没有,业务可以获取价格超过30亿欧元(32.1亿美元),根据最近的交易部门和分析师预期,要求匿名的消息人士说。
CTIL吸引来自养老基金的兴趣,包括英国最大的大学退休计划(航空母舰),已开始在一个潜在的提供初步的工作,两位消息人士说。
西班牙电信,自由全球和美国拒绝置评。
一些电信塔交易在欧洲看到了基础设施投资者争夺一片大陆最大的塔网络部分由于其稳定的现金收益率和长期合同。
CTIL的调整利息、税项、折旧、及摊销前利润(Ebitda)持平在1.47亿欧元在截至9月的六个月,因为它增加了更多的网站和租户,根据其最新成果发表。
西班牙电信和自由全球,通过他们的合资公司Virgin Media O2,正在与摩根大通和高盛集团(Goldman Sachs Group inc .)的出售一半的结合CTIL 50%的股份,说的人。
沃达丰拥有CTIL通过其位于法兰克福的子公司50%的股份有利的塔,不打算将其持有。
西班牙电信和自由全球不计划要求有利塔收购控股由于竞争原因,根据来源。
有利的发言人拒绝置评。
胃口从传统的全球基础设施基金预计将限制CTIL很多大玩家的浓度问题他们已经自己的竞争对手,一名消息人士说。
CTIL,成立于2012年,是英国最大的塔公司,管理约14200全国宏观网站,根据优势的网站。
CTIL EbitdaAL,推导出从EBITDA租赁的成本,达到了6280万欧元的6个月到9月。
EbitdaAL通常是用作衡量电信塔公司的潜在盈利能力。在最近的交易布鲁克菲尔德和DigitalBridge电信51%的股份收购大厦单位德国德意志电信的,买家支付的倍数EbitdaAL 27倍。
号,820亿英镑(988.6亿美元)的总资产管理,还拥有伦敦希思罗机场的股份和Bruc能源,发展可再生能源项目在西班牙和葡萄牙。
伦敦:西班牙电话公司和自由的全球正准备邀请竞购英国最大的电信塔25%的股份公司寻求现金投资的一部分,据两位知情人士。
而决定基石电信基础设施有限的(CTIL)估值没有,业务可以获取价格超过30亿欧元(32.1亿美元),根据最近的交易部门和分析师预期,要求匿名的消息人士说。
CTIL吸引来自养老基金的兴趣,包括英国最大的大学退休计划(航空母舰),已开始在一个潜在的提供初步的工作,两位消息人士说。
西班牙电信,自由全球和美国拒绝置评。
一些电信塔交易在欧洲看到了基础设施投资者争夺一片大陆最大的塔网络部分由于其稳定的现金收益率和长期合同。
CTIL的调整利息、税项、折旧、及摊销前利润(Ebitda)持平在1.47亿欧元在截至9月的六个月,因为它增加了更多的网站和租户,根据其最新成果发表。
西班牙电信和自由全球,通过他们的合资公司Virgin Media O2,正在与摩根大通和高盛集团(Goldman Sachs Group inc .)的出售一半的结合CTIL 50%的股份,说的人。
沃达丰拥有CTIL通过其位于法兰克福的子公司50%的股份有利的塔,不打算将其持有。
西班牙电信和自由全球不计划要求有利塔收购控股由于竞争原因,根据来源。
有利的发言人拒绝置评。
胃口从传统的全球基础设施基金预计将限制CTIL很多大玩家的浓度问题他们已经自己的竞争对手,一名消息人士说。
CTIL,成立于2012年,是英国最大的塔公司,管理约14200全国宏观网站,根据优势的网站。
CTIL EbitdaAL,推导出从EBITDA租赁的成本,达到了6280万欧元的6个月到9月。
EbitdaAL通常是用作衡量电信塔公司的潜在盈利能力。在最近的交易布鲁克菲尔德和DigitalBridge电信51%的股份收购大厦单位德国德意志电信的,买家支付的倍数EbitdaAL 27倍。
号,820亿英镑(988.6亿美元)的总资产管理,还拥有伦敦希思罗机场的股份和Bruc能源,发展可再生能源项目在西班牙和葡萄牙。
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