KPN sells German assets for $500 million

AP News
Posted: Nov 15, 2012 2:35 AM

AMSTERDAM (AP) — Royal KPN NV says it has agreed to sell its network of broadcasting towers for mobile telephony in Germany to American Tower Corp. of the U.S. for €393 million (around $500 million).

KPN, the Netherlands' largest telecommunications company, also is the third-largest mobile provider in Germany via its E-Plus arm. The towers are used by E-Plus and other smaller providers in Germany, and KPN intends to lease back capacity on the towers as needed.

KPN's earnings have slumped in recent quarters. It said in a statement Thursday that owning towers is not part of its business strategy, and it will use the proceeds to pay down debt.

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Katie Pavlich

American Tower Corp. is based in Boston and operates wireless broadcast towers around the world.