Telefonica: set to sell businesses in Latin America

(CercleFinance.com) - On Friday, following an article in El Confidencial analysts at Aurel BGC say that Telefonica has mandated Citi to accelerate the sale of its businesses in Latin America (with the exception of Brazil).


Telefonica had already appointed Morgan Stanley as advisor to complete this transaction. Meanwhile, Telefonica wants to close these sales before the next AGM in June, the site says.

Milicom and Liberty would be the main candidates for the takeover of these business, which have been valued at between 11 billion and 13 billion euros, El Confidencial says. These two operators already have businesses in Latin America and do not represent competitive problems for the group.

According to the sources contacted by El Confidencial, Telefonica's management wishes to find an industrial group that is already present in the region and which is capable of taking a at least a 50% stake.


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