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(Reuters) - Australian telecom firm Telstra Corp 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.
FILE PHOTO: A man and power lines are reflected in a Telstra poster adorning a public telephone in Sydney, Australia, August 13, 2015. REUTERS/David Gray/File Photo
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.
Australia s Telstra to sell 49% of tower business for $2 1 billion | WSAU News/Talk 550 AM · 99 9 FM
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Telstra, Telia become the latest telcos to cash in on towers
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