Telefonica buys back submarine cable stake

Telefonica is spending a couple of hundred million euros to buy back a stake in its submarine cable business that it sold to KKR almost exactly five years ago.
Specifically, the Spanish incumbent and partner Pontegadea have agreed to pay €215.7 million, subject to various adjustments, for a 40% stake in infrastructure group Telxius Telecom, owner of a sizeable submarine cables network. It’s pretty much a 50:50 deal; Telefonica will raise its stake in the unit to 70% from 50.01%, while