(Adds details on buyer, background on Towers business, CEO comment)
June 30 (Reuters) - Australia's biggest telecom firm Telstra Corp (TLS) said on Wednesday it would sell a 49% stake in its mobile tower business for A$2.8 billion ($2.10 billion) and return half the sale proceeds to shareholders.
A consortium of three funds comprising of Future Fund, Commonwealth Superannuation Corp and Sunsuper will buy the stake in InfraCo Towers, Telstra said, with the deal valuing the entire business at A$5.9 billion.
Chief Executive Officer Andrew Penn said the details on returning proceeds to shareholders would be disclosed at a later date, and flagged a potential buyback with the company's annual results announcement in August.
Telstra's Towers business is the largest mobile tower infrastructure provider in Australia, with about 8,200 towers.
($1 = 1.3312 Australian dollars)
(Adds details on buyer, background on Towers business, CEO...
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Last
$5.05 |
Change
0.030(0.60%) |
Mkt cap ! $57.49B | |||
| Open | High | Low | Value | Volume |
| $5.02 | $5.07 | $5.00 | $186.1M | 37.00M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 135811 | $5.04 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.06 | 313776 | 18 |
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| Last trade - 16.15pm 22/08/2025 (20 minute delay) ? |
| TLS (ASX) Chart |