Spanish telecommunications giant Telefonica agreed to sell its Argentine subsidiary to Telecom Argentina for $1.2 billion. The transaction with the company controlled by Argentine media giant Clarin Group is part of Telefonica’s drive to “gradually reduce” its exposure in Latin America, the company said in a statement submitted to Spanish markets regulator CNMV. Telecom Argentina, also present in Paraguay and Uruguay, said the acquisition of Telefonica Moviles Argentina would accelerate the rollout of 5G and fibre-optic networks as well as increase broadband and mobile telephone coverage. The acquisition could leave around 70 percent of telecoms services in the hands of one group. Telefonica has launched a strategic shift towards its key markets in Spain, Britain, Brazil and Germany in a bid to reduce its debt and bolster profitability. Telefonica has been through a turbulent period since Saudi group STC took a 9.9-percent stake in September 2023.
February 24, 2025
SOURCE: YAHOO FINANCE
Spain’s Telefonica sells Argentina subsidiary for $1.2 bn