Telefonica Hires JPMorgan to Sell Mexican Unit
Spanish telecom giant Telefonica has appointed investment bank JPMorgan to manage the sale of its Mexican business, according to a report by newspaper Cinco Dias on Friday.
The company aims to complete the sale before its annual shareholders meeting, typically held in April or May, the report states.
Telefonica declined to comment on the matter, while JPMorgan has not yet responded to a request for comment.
The move follows reports that Telefonica has put its Argentine business up for sale and is seeking to sell a majority stake in its Colombian unit to Millicom.
Telefonica has implemented several asset sales in Latin America in recent years to reduce debt and fund investments in 5G mobile networks. The company also replaced CEO Jose Maria Alvarez-Pallete last month.