Telstra to Hand A$1.4Bn to Shareholders on Towers Stake Sale
30 Giugno 2021 - 1:02AM
Dow Jones News
By Stuart Condie
SYDNEY--Telstra Corp. will return about 1.40 billion Australian
dollars (US$1.05 billion) to shareholders after agreeing to sell a
49% stake in its mobile towers business to a consortium including
Australia's sovereign wealth fund.
Australia's largest communications provider on Wednesday said a
consortium comprising Australia's sovereign Future Fund and two
superannuation funds--Commonwealth Superannuation Corporation and
Sunsuper--will acquire the stake in a deal valuing the unit at
A$5.9 billion.
Telstra said it expected net cash proceeds after transaction
costs of A$2.8 billion at completion in the first quarter of fiscal
2022, and that it would return about half to shareholders during
that financial year.
Chief Executive Andrew Penn said Telstra will invest about A$75
million in its regional network, with the remaining proceeds
directed toward debt reduction.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
June 29, 2021 18:54 ET (22:54 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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