Telefónica SA sold 2,029 towers in Ecuador and Colombia to Phoenix Tower International LLC for about €290 million.

The transaction comprised the sale of 1,408 Telefónica Ecuador-owned towers for €202 million and 621 Telefónica Colombia-owned towers for €87 million. Following these transactions, Telefónica, directly and through its subsidiaries, owns roughly 66,000 sites.

The sale is part of the Spanish company's strategy to crystallize the value of its infrastructure amid the recent creation of Telefónica Infra, according to a Dec. 23 company release.

Telefónica sold more than 6,000 mobile telecommunications sites in 2019.