By Mauro Orru

A joint venture between Liberty Global and Spain's Telefonica reached an agreement to sell a minority stake in its mobile tower joint venture to U.K.-based infrastructure fund GLIL Infrastructure LLP.

The Spanish telecommunication company said Tuesday that the agreement is for the VMED O2 UK Limited joint venture to sell a 16.67% stake in Cornerstone Telecommunications Infrastructure Limited, the mobile tower joint venture.

VMED O2 UK Limited, or VMO2, will receive approximately 360 million pounds ($438.1 million) payable in cash at closing of the transaction, which is expected in the coming weeks.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

October 31, 2023 14:23 ET (18:23 GMT)

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