MADRID (SPAIN) – Spanish newspaper Expansion said on Monday Spanish telecom giant Telefonica is gearing up for an alliance with the private equity arm of German insurer Allianz to fund a 5 billion euro (4.53 billion pounds) infrastructure investment in Germany.
Citing unidentified financial sources, the newspaper said Telefonica and Allianz plan to create a joint venture half-owned by each that would make an investment into a fibre-optic network in Germany.
A spokesman at Telefonica refused to comment and a spokeswoman at Allianz was not immediately available.