Telefonica’s Lat Am operations attract €10B consortium bid

Telefonica’s Lat Am operations attract €10B consortium bid

Telefonica has received a €10 billion offer on a majority stake in its business across eight Latin American markets.

El Mundo reports that a “very powerful” group of entrepreneurs in the region made the offer for a 51% stake in the Movistar units that Telefonica is separating from its core operations. These include operations in Argentina, Chile and Mexico.

While the identities of the bidders have not been revealed, the offer was received from a company headquartered in Colombia. If their offer is accepted, the remaining 49% of shares would be split across several shareholders including Telefonica, which could hold a stake of 20-25%.

In November 2019, Telefonica announced that it planned to spin off most of its Latin American units as part of a major restructuring. Only its Brazilian operations will continue to be administered from its Spanish head office, with Telefonica CEO Jose Maria Alvarez-Pallete saying that the group would explore mergers in other markets or consider “reducing our position”.

MORE ARTICLES YOU MAY BE INTERESTED IN...


Sign-up to our weekly newsletter

Keep up-to-date with all the latest news, articles, event and product updates posted on Developing Telecoms.
Subscribe to our FREE twice-weekly email newsletters for the latest telecom info in developing and emerging markets globally.
I agree with the Terms and conditions and the Privacy policy
By accepting occasional e-mails from our partners, inviting you to download articles, white papers and attend events, you are helping fund free access to this valuable news service for emerging markets.