Deals
Telefonica Cuts China Unicom Stake in Effort to Slash Debt
- Carrier raising cash after shelving U.K. sale amid Brexit vote
- Company retains stake of 1% in Chinese phone carrier
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Telefonica SA, facing roadblocks in its plans to unload larger assets, sold most of its stake in China Unicom (Hong Kong) Ltd. to raise about $355 million for debt reduction.
The Spanish phone carrier, the second-most indebted phone company in Europe, sold a 1.5 percent stake in China Unicom, according to a regulatory filing. It said it will keep its remaining stake of about 1 percent and maintain a strategic alliance the companies formed in 2009.