Saturday, December 4

Amancio Ortega earns 331 million for the sale of the telecommunications tower business of a Telefónica subsidiary

Amancio Ortega, founder of Inditex, will earn 331 million euros from a telecommunications tower sale operation of a Telefónica subsidiary. Those are the capital gains you will get on your initial investment. Through Pontegadea, the company with which he manages his investments, the businessman controlled 10% of Telxius, a Telefónica subsidiary that has now sold the vast majority of its towers to a US firm, ATC.

Ortega joined Telxius after, in July 2018, Telefónica sold him a tenth of the company for 378.8 million euros. The sale closed with ATC amounts to 7,100 million euros, with which the Galician businessman will receive approximately 710 million euros. Sources close to the operation have clarified to Europa Press that the founder of Inditex has not yet entered any amount, since the legal formula for the distribution of this amount among the Telxius shareholders (in which the fund is also present) has yet to be decided KKR, with approximately 40% of the capital).

Recently, Ortega received 646.8 million euros in dividend from Inditex, the firm he founded and of which he is the largest shareholder, and from which he will receive another equivalent amount on November 2. Also, the entrepreneur will probably still receive higher capital gains from his stake in Telxius, from which he has also received returns in the form of dividends, the amount of which has not been published, in the last three years.

The last part of the Telxius tower sale is expected to materialize in August, with 4,400 sites in Germany, for which the company is estimated to receive the remaining 600 million euros of the 7,700 million euros in which it is encrypted. the total operation.

In addition, Telxius has its submarine cables business in the market in which it could be another operation with which Ortega increases the profitability of his investment in the telecommunications infrastructure company.