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Here's a Reason Why Telefonica (TEF) Stock Is Gaining Today

NEW YORK (TheStreet) -- Shares of Telefonica (TEF) were rising in late afternoon trade on Tuesday after the Madrid-based telecom company announced late yesterday its intention to float Telxius, its infrastructure business, before year's end.

Telefonica will sell at least 25% of its stake in Telxius in an IPO, the minimum legally required for listing while still allowing the company to remain a majority shareholder, the Fly reports.

Additionally, the company said it could sell O2, its British wireless division, within the year if it sees favorable market conditions, Telefonica...