Telefonica Hires Citi for Chile Unit Sale, El Confidencial Says

Telefonica SA mandated Citigroup Inc. to manage the sale of its Chilean unit, after the Spanish-based company offloaded many of its other subsidiaries in Latin America.

The telecommunications company is looking for a buyer of Telefonica Chile SA after reporting several quarters of losses, El Confidencial reported, citing unidentified people familiar with the talks. It has also started working with Rothschild and Santander to exit other Spanish-speaking Latin American markets, the Spanish media outlet said.