Telefonica: Argentine subsidiary sold to Telecom Argentina

(CercleFinance.com) - Telefonica announced Monday evening that it had sold the entire capital of its subsidiary Telefonica Moviles Argentina to Telecom Argentina for around E1.
2bn.

The telecom operator says that this sale is part of the management of its portfolio of activities and its strategy to progressively reduce its exposure to Latin America.

According to the daily Expansion, the sale of all its activities in Latin America could bring in between E2.5bn and E2.7bn, analysts at Allinvest said this morning.

According to the broker, the Argentine presidency has nevertheless stressed that the operation will be subject to the green light of the national competence authority, which will be responsible for determining whether the transaction could lead to a monopoly situation.

Indeed, this sale could leave 70% of Argentina's telecoms services in the hands of a single group", points out Allinvest in its reaction note.

On the Madrid Stock Exchange, Telefonica shares were up over 1.7% following this announcement in early trading on Tuesday morning.


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