New rumors of Telefonica cutting its presence in Latin America emerged in the Spanish press. According to media reports, its unit in Mexico is now up for sale alongside businesses in Argentina and Colombia.
Cinco Dias reported the operator group appointed investment specialist JP Morgan and a legal company to help it sell the unit in Mexico. These rumors follow hot on the heels of speculation about the future of its business in Argentina. Alongside reports of those two potential exits, Telefonica has a non-binding Memorandum of Understanding in place with Millicom to potentially offload its business in Colombia.
The newspaper reported Telefonica hoped to be able to agree to a sale in one of the countries before its next shareholder meeting, which generally happens during Q2. Exits from these markets would greatly decrease its HispAm business, which currently counts the trio of nations alongside Chile, Ecuador, Uruguay, Venezuela, and Peru as its operating countries.
Elsewhere in the Americas, Telefonica operates in Brazil, though at a group level, this is classified as a standalone business. In 2022 it sold up in El Salvador, having exited Costa Rica in the previous year, two of several divestments that had already cut its presence in Latin America.
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