Deutsche Telekom announced last week it completed the partial sale of its tower business in Germany and Austria, which is combined in the GD Towers unit, effective February 1, 2023. The Group announced in July 2022 that it would sell 51 percent of GD Towers to DigitalBridge and Brookfield. With the closing of the transaction, Deutsche Telekom will receive a total of more than $10.7 billion from the buyers and GD Towers.
With the closing of the transaction, Deutsche Telekom successfully completes the process announced at the Capital Markets Day 2021 of enhancing the value of its tower business. GD Towers operates more than 40,000 mobile sites in Germany and Austria with around 800 employees. The company generated pro forma revenues of $1.2 billion in 2021. Adjusted pro forma EBITDAaL amounted to $686 million in 2021.
The management team led by CEO Bruno Jacobfeuerborn and Chairman Thorsten Langheim will continue to manage the business. Deutsche Telekom retains 49 percent of the shares with significant minority rights and thus retains a stake in future value growth in the infrastructure business. Telekom Deutschland and Magenta Austria will continue to have unrestricted access to GD Towers’ passive infrastructure via long-term lease agreements.
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