MADRID (Reuters) – Telefonica, a Spanish telecom group, hired investment bank JPMORGAN to sell its Mexican business, and newspaper Cinco Dias reported on Friday, a well-known financial source.
The newspaper said the company is seeking to sell at its annual shareholder meeting, which is usually held in April or May.
A Telefonica spokesman declined to comment. JPMorgan did not immediately respond to a request for comment.
Local media reported that Telefonica has sold its Argentina business, and the company said it is seeking to sell a majority stake in its Colombian unit to New York-listed Millicom.
Telefonica unexpectedly replaced CEO Jose Maria Alvarez-Pallete last month, and has conducted a series of asset sales in Latin America over the past few years to reduce debt and help fund investment in 5G mobile networks.
(Reported by Inti Landauro. Edited by Jane Merriman)
