Telxius Subsea Cable Business Set for €1.2B Sale
Telefónica and Pontegadea Agree to Sell Telxius for €1.2 Billion
By Europa Press Economía Finanzas, Europa Press
July 16, 2026
Telefónica and Pontegadea have agreed to sell Telxius Telecom for about €1.2 billion, Europa Press reported, citing industry sources. El Confidencial first reported the agreement.
Telxius is a telecommunications infrastructure company owned 70% by Telefónica and 30% by Pontegadea, the investment group associated with Inditex founder Amancio Ortega.
The transaction concerns the business that now consolidates Telefónica’s subsea cable operations following an earlier separation of Telxius’ tower portfolio.
In 2021, Telefónica completed the sale of Telxius’ European telecommunications towers to American Tower Corporation. The deal reduced Telefónica’s debt by approximately €3.4 billion.
Telefónica and Pontegadea then moved to take full ownership of Telxius in January 2023 by acquiring the 40% interest held by KKR.
After regulatory approvals, their Pontel Participaciones subsidiary bought that stake from KKR-managed Taurus Bidco for about €215 million. Pontel already controlled the remaining 60% of Telxius.
The acquisition made Pontel the sole shareholder of the company, which groups Telefónica’s subsea cable business. The partners later adjusted their Pontel interests to the current 70% Telefónica and 30% Pontegadea split.
Telxius appointed Javier de Paz as chairman in 2026, succeeding Guillermo Ansaldo after José Manuel Santero Muñoz left the board.
The Europa Press report did not identify the buyer or provide a timetable for signing or completing the proposed sale.
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