Business

Deutsche Telekom expects European tower business to further consolidate

Deutsche Telekom (DTEGn.DE) expects the European tower business to consolidate further and said it now had capable partners on board, after announcing earlier on Thursday that it would sell 51% of its tower business to a consortium.

Telekom will still hold a significant stake in the industry after the transaction and benefit from further growth, said Chief Executive Tim Hoettges.

However, the company would no longer have the business on its books, he said.

“They have deep pockets for the coming steps,” Hoettges added in reference to the consortium partners – Canada’s Brookfield (BAMa.TO) and private equity group DigitalBridge Group Inc (DBRG.N).