Telefonica Said to Mull Latin America Holding for Share Sale

Telefonica SA, Spain’s biggest phone operator, is considering ways to sell shares in its entire Latin America business to raise money and cut debt, people familiar with the matter said.

One option is to create a regional holding excluding Telefonica Brasil SA and list it in the U.S., the people said, asking not to be named as the plans aren’t public. Telefonica, with 57 billion euros ($70 billion) in net financial debt, could also incorporate all Latin America businesses into the Brazil unit and hold a secondary share sale, they said, adding that no decision has been made. All assets in the region combined should be worth at least 40 billion euros, one of the people said.