BONN, Germany-Deutsche Telekom said it will sell its 24.8-percent stake in Filipino mobile operator Globe Telecom to Ayala Corp. and Singapore Telecom International for $472 million. Ayala currently holds 32.7 percent of Globe, and SingTel has a 29.1-percent stake.
The parties are finalizing the technical details of closing the transaction, Deutsche Telekom said.
The German company said the proceeds of the sale will be used for debt reduction. It has been selling minority stakes in operators around the world to reduce its high debt load.
