Telefónica, S.A. (BME:TEF) has hired investment bank The Goldman Sachs Group Inc. (NYSE:GS) to sell its 50% stake in a mobile masts operator in Britain, El Confidencial reported on September 13, 2021, citing sources close to the matter. The stake in Cornerstone Telecommunications Infrastructure Ltd, which Telefonica shares with UK rival Vodafone Group Plc (LSE:VOD), would be worth around €2 billion ($2.4 billion), El Confidencial said. A spokesman for Telefonica declined to comment and officials at Goldman Sachs didn't immediately reply to a request for comment.

Telefonica is in the process of selling down assets to cut its debt, and also plans to use proceeds from some divestments to fund other acquisitions.