Telefónica agrees to buy 21% Digital Plus stake

Spanish telco Telefónica has agreed to acquire a 21% stake in pay-TV provider Digital Plus.

Telefónica has agreed to pay Spanish media company Prisa €470m for the share, which includes €240m in cash and €230m in cancelling debt, which values the pay-TV operator at €2.4bn. The companies said that they would also develop a range of joint TV projects together.

Telefónica previously owned a 17% stake in Digital Plus, which has nearly 1.9 million subscribers, but sold its stake to Prisa for €650m in 2008.