- June 30, 2021
- Posted by: Stratford Team
- Category: Business
- Telstra to return 50% of proceeds to shareholders
- Shares jump to highest since Feb. 2020
- Deal will allow co to ramp up retail business – analyst
June 30 (Reuters) – Australian telecom firm Telstra Corp (TLS.AX) said it will sell a 49% stake in its mobile tower business for A$2.8 billion ($2.1 billion) and return half the sale proceeds to investors, sending its shares to their highest level in over a year.
A consortium of Australia’s sovereign wealth Future Fund and pension funds Commonwealth Superannuation Corp and Sunsuper would buy the stake in InfraCo Towers, Telstra said, in a deal valuing the entire business at A$5.9 billion.
The deal would allow Telstra to focus afresh on its retail business after years of costly competition in infrastructure with its ageing poles and wires pitted against the…