Utilize the input text as a context reference, choose the right relationship between Telefónica and Telefónica Deutschland from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

But we have also seen that there is an opportunity, which we’re going to develop mostly from Telefónica Infra, and potentially Telefónica Deutschland can take an equity stake, but it would be mostly developed by Telefónica Infra.

Answer: subsidiary