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Telefonica moving LatAm ops to Brazil

According to reports, Telefonica will next year shift the location of its Latin American headquarters from Spain to Brazil, a process which will create 100 new jobs. The firm is believed to be lining up an initial public offering for this business.

In an attempt to reduce its debts, Telefonica is reportedly looking to leverage its assets, listing around 25% of its German operation and – reportedly – preparing to list a number of its Latin American units on the US stock exchange, including its Brazil and Mexico operations.

By headquartering its LatAm operations in Brazil, Telefonica seeks to “protect itself from any further worsening of Spain’s economic troubles”, according to the Wall Street Journal. The operator group’s latest results showed that Latin America was a major growth market.

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