Telefonica Said to Seek Partner in Mexico to Challenge Slim

Telefonica SA has approached potential acquisition targets and partners in Mexico, where it’s seeking to challenge billionaire Carlos Slim’s dominance, according to three people familiar with the matter.

Spain’s biggest telecommunications operator has held discussions with companies including Grupo Iusacell SA, a smaller rival co-owned by Ricardo Salinas and pay-TV provider Grupo Televisa SAB, said the people, who asked not to be identified because the deliberations are private. Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA are working with Madrid-based Telefonica, another person said.