US buyout firm Kohlberg Kravis Roberts has agreed to buy a 40% stake in Telxius, a telecoms infrastructure owner and operator in Europe and the Americas.

KKR will acquire the stake for €1.275 billion from Spanish telecoms giant Telefónica, the owner of brands such as mobile telephone provider O2, according to a statement. Telefónica will continue to own a majority stake in Telxius and will operate in partnership with KKR.