, held for part of their 50% stake in the tower company, called Cornerstone, earlier this year, the sources said on Friday.
If negotiations are concluded successfully, a deal for a minority stake of less than 25% could be announced as early as next week, two of the sources added. The sources cautioned that there remained a chance that no deal would be completed and asked not to be identified because the matter is confidential.
Telefonica and Liberty Global have been working with advisers on the sale of up to half of their combined 50% stake in Cornerstone.Cornerstone, established in 2012, is Britain's largest tower company, managing more than 20,000 sites, according to the company's website. In recent years infrastructure and private equity investors have competed for slices in some of the largest tower deals, including Deutsche Telekom's sale of a majority stake in GD Towers, because of their stable cash yield and long-term contracts.Andres Gonzalez covers M&A for Reuters, based in London. With over 12 years of experience as a correspondent in Spain, he has reported on diverse sectors, including banking, TMT, energy, infrastructure and real estate.
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