KPN to sell German mobile towers to American Tower Corporation

THE HAGUE, Nov. 15 (Xinhua) -- Dutch telecom company KPN on Thursday said it has agreed to sell some of its German telecommunication towers to American Tower Corporation.

Located throughout Germany, the mobile towers are used by both E-Plus and other mobile network operators to house network equipment.

American Tower Corporation will pay KPN 393 million euros (about 499 U.S. dollars). The deal is subject to approval by the German Ministry of Economics and Technology.

KPN will use the cash obtained from the deal to continue its investment in the mobile network in Germany and to improve its net debt position.

"We are very pleased with this transaction," KPN CEO Eric Hageman said in a press release. "It is in accordance with our strategy, as we do not consider the ownership and development of mobile towers to be a core part of our operations. It is also at an attractive valuation."

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