Telefonica Said to Defer Latin America IPO as Pressure Eases
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Telefonica SA suspended preparations for an initial public offering of its Latin American business after a stake sale in its German unit and a bond issue relieved funding needs, people with familiar with the matter said.
Telefonica, which hadn’t hired banks for the IPO, won’t resume the project unless there is strong investor appetite or pressure from rating companies increases, the people said, asking not to be identified because the discussions are private. A sale could raise as much as 6 billion euros ($8 billion), the finance chief of Telefonica’s Brazilian unit said in December.