Telefónica is selling its 67.5% stake in Colombia Telecomunicaciones for $400 million to Millicom Spain. This decision is part of its strategy to reduce exposure in Latin America, pending regulatory approvals in Colombia.
Telefónica, a prominent telecommunications company, announced that its subsidiary, Telefónica Hispanoamérica, will sell its 67.5% stake in Colombia Telecomunicaciones S.A. E.S.P. BIC to Millicom Spain, S.L. for $400 million. This divestment aligns with Telefónica’s effort to decrease its exposure in the Latin American market, adhering to its asset management strategy. The completion of this transaction is subject to regulatory approvals in Colombia.
In conclusion, Telefónica’s decision to divest its stake in Colombia Telecom is a strategic move to streamline its operations in Latin America. This sale reflects the company’s broader objective of managing its asset portfolio effectively amid changing market dynamics. The impending regulatory approvals will determine the finalization of this transaction.
Original Source: www.tipranks.com
