Telefónica is reportedly accelerating its exit from non-core markets by preparing to sell its Mexico unit, just weeks after it was said to be exploring sales in Argentina and Colombia.
According to Cinco Días, Telefónica has hired JP Morgan and law firm White & Case to complete the sale before its next annual shareholders’ meeting, typically held in the second quarter.
Last week, we reported that Telefónica had requested a valuation of its Colombian unit, which operates as Coltel, as part of its strategy to focus on core markets and stabilize its finances.
The operator currently has a presence in Chile, Ecuador, Uruguay, Venezuela, and Peru. However, exiting Argentina, Mexico, and Colombia would significantly reduce its footprint in Latin America, where it has already divested units in El Salvador and Costa Rica.
