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Telefonica seeking clearance to list Argentinean operations

Telefonica seeking clearance to list Argentinean operations

Telefonica is waiting for its shareholders to greenlight plans to list its Argentinean unit on the Buenos Aires stock exchange.

The operator group will hold a meeting with its shareholders to discuss the approval on 16th April. Telefonica’s Argentina business has a value of around €4.7 billion including debt. Its sale will provide funds to reduce debt and expand Telefonica’s fibre network.

At the end of last year, Telefonica’s net debt was €44.2 billion, having been reduced by €4.4 billion on the previous year following improved cash flow. It is looking at bringing in further measures to cut debt in 2018.

A statement from Telefonica provided few details on its future plans, with a representative only noting that the operator “is analysing different options to put into value its portfolio of assets, among which is Telefonica Argentina.”

Operating as Movistar, Telefonica has the smallest market share of Argentina’s three major operators, although this was a respectable 30.6% at the end of Q4 2017. Market leader America Movil has 37%, while Telecom Argentina has 31%.

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