Telefonica Deals Mark Push to Restructure Markets, Win Investors
- Spanish telecom is working to scale back in Latin America
- Telefonica also reported in-line earnings for second quarter
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Telefonica SA is striking fresh deals as part of a broader push to restructure its core markets and win over investors.
The Spanish telecommunications company announced two deals on Wednesday, saying it has opened talks to sell its Colombian unit, Coltel, to Latin American carrier Millicom International Cellular SA for $400 million in cash. A successful deal would see Telefonica quit the country, one of its most leveraged Latin American subsidiaries, after 18 years.