Telefónica SA sold a 16.65% stake in its subsidiary Pontel Participaciones SL, which owns 60% of the share capital of Telxius Telecom SA, to a company of the Pontegadea Group for €378.8 million, or a price of €15.2 per share of Telxius.

The Pontel stake sale is equivalent, in economic terms, to an indirect participation of 9.99% in the share capital of Telxius, the company said July 27. This transaction is part of the Telefónica Group's asset portfolio management policy.

Telefónica, Pontegadea and Pontel also entered into a shareholders' agreement that regulates the relationship of Telefónica and Pontegadea as shareholders in Pontel.

The transaction will not have an impact on the consolidated results of the Telefónica Group as it consists on the sale of a minority interest, with Telefónica retaining control over Pontel and Telxius.