JPMorgan has been hired by Spanish telecom giant Telefonica to manage the sale of its Mexican business, according to a report by Cinco Dias. The sale is expected to be completed before Telefonica’s annual shareholders meeting, typically held in April or May.
This transaction is part of Telefonica’s ongoing strategy to divest assets in Latin America, including the sale of its Argentine business and a majority stake in its Colombian unit to Millicom. The company aims to reduce debt and invest in 5G mobile networks.
Neither Telefonica nor JPMorgan has officially commented on the report. The move follows the unexpected replacement of Telefonica’s CEO, Jose Maria Alvarez-Pallete, last month, as the company restructures its operations.
