Telefónica and Pontegadea have announced an agreement to acquire 40% stake in Telxius Telecom from KKR. With this transaction Telefónica will increase its stake in Telxius Telecom to 70% and Pontegadea will increase its stake to 30%. The acquisition is carried out for an estimated amount of EUR215.7 million (US$243.15 million).

Telxius Telecom has one of the largest cable networks in the world. It is an international network of high-capacity submarine fibre optic cables, which extends 94,000 kilometers and includes new generation systems as Marea, Brusa and Mistral, as well as SAm-1, the system that connects the United States with Latin America. Through its Tier 1 IP network, Telxius Telecom provides direct connectivity to the internet with a coverage of 93 points of presence and 27 landing stations in 23 countries. 

The closing of the transaction is subject to regulatory and competition approvals.