Royal KPN NV (GB:0O8F) has released an update.
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Royal KPN NV has partnered with Dutch pension fund ABP to form a new tower company, TowerCo, aligning with KPN’s strategy to enhance the value of its infrastructure assets while maintaining strategic flexibility. The joint venture, which consolidates approximately 3,800 towers and rooftops, aims to increase tenancy and ensure KPN’s network meets high-quality service standards, including the adoption of 5G technology. KPN holds a 51% majority stake in the new entity and anticipates an upfront cash payment of around €120m for the transaction, which is expected to influence its 2024 EBITDA by €30m and Operating Free Cash Flow by €20m.
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