Telefonica Said to Lean Toward Keeping O2 After Failed Sale

  • Carrier sees benefit in holding on to profit-generating unit
  • Company looking for other ways to raise cash to reduce debt

Telefonica SA is leaning toward holding on to its British O2 unit rather than seek another buyer after a plan to sell the U.K. wireless carrier was blocked by European Union regulators, according to a person with direct knowledge of the matter.

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