Deutsche Telekom completes majority sale of GD Towers

• Partial sale of tower business in Germany and Austria effective 1 February
• Sale of 51 percent stake in GD Towers to DigitalBridge and Brookfield for enterprise value (EV) of 17.5 billion euros
• Cash proceeds of more than 10 billion euros reduce liabilities

Deutsche Telekom completed the partial sale of its tower business in Germany and Austria, which is combined in the GD Towers unit, effective 1 February 2023. The Group had announced in July 2022 that it would sell 51 percent of GD Towers to DigitalBridge and Brookfield. With the closing of the transaction, Deutsche Telekom will receive a total of more than 10 billion euros from the buyers and GD Towers. 

With the closing of the transaction, Deutsche Telekom successfully completes the process announced at the Capital Markets Day 2021 of positioning itself as best as possible for the future and enhancing the value of its tower business. GD Towers operates more than 40,000 mobile sites in Germany and Austria with around 800 employees. The company generated pro forma revenues of 1.1 billion euros in 2021. Adjusted pro forma EBITDA AL amounted to 640 million euros in 2021. The management team led by CEO Bruno Jacobfeuerborn and Chairman
Thorsten Langheim will continue to manage the business. Deutsche Telekom retains 49 percent of the shares with significant minority rights and thus retains a stake in future value growth in the attractive infrastructure business. Telekom Deutschland and Magenta Austria will continue to have unrestricted access to GD Towers' passive infrastructure via long-term lease agreements.