KPN sells German mobile towers

Dutch telecoms group KPN, stepping up its battle to keep debt under control, yesterday agreed to sell some of its German mobile towers for €393m. The deal with US group American Tower, which will lead to a book gain of €100m, comes on top of a decision in late October to sell its Dutch mobile phone towers for a book profit of €66m. UBS acted as sole financial adviser on the deal, the largest mobile tower transaction in the EMEA region to date.