The Spanish telecoms company said it would receive a €790 million refund for tax payments between 2008 and 2011, plus a further €526 million in interest.
Telefonica had long argued with the Spanish tax authorities and took the case to court to get a refund from the Treasury.
Telefonica and Liberty consider selling Cornerstone stake
According to insiders, the telecommunications companies and Liberty Global want to part with their stake in the British radio tower operator Cornerstone. The companies wanted to put the possible billions in proceeds into the expansion of their fiber optic networks, the Bloomberg news agency reported on Tuesday, citing people familiar with the matter. According to the information, the company could be valued at around ten billion British pounds (11.5 billion euros). Cornerstone is owned 50/50 by Telefonica and Liberty companies Virgin Media O2 and the radio tower company Vantage Towers, which belongs to the Vodafone Group.
According to Bloomberg, the sale is part of a strategic review by Telefonica. The sales process could begin in early 2023. However, it is not yet certain whether the company and its partner Liberty will continue to advance the process. When asked by Bloomberg, spokesmen for Telefonica and Vodafone declined to comment on the matter. A spokesman for Liberty initially declined to comment.
Telefonica can also count on some money thanks to a court decision in a tax dispute. The company expects a tax refund of 790 million euros for the years 2008 to 2011 and another 526 billion euros in interest, as announced on Tuesday.
NEW YORK (dpa-AFX) / Dow Jones Newswires
Leverage must be between 2 and 20
No data
More news about Telefonica SA
Image Sources: Gil C / Shutterstock.com