Spanish telco Telefónica is reportedly finalising the sale of its subsidiary firms in Mexico and Central America in its plans to pull out of those markets to reduce its debt.

Newspaper El Economista reveals that the company could announce a deal in the next weeks to divest telco operations affecting up to 11 Central American markets, among them Costa Rica, Salvador, Guatemala, Nicaragua and Panama.

It is estimated that Telefónica’s value in Mexico would amount to anywhere between €1.1 billion-€1.9 billion whereas 60 per cent of its shares in its Central American subsidiary would be close to €760 million.

With the move, Telefónica aims to reduce its debt and increase the value of the company which is currently at its lowest level with shares at €6.83 each.

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Categories: Articles, Business, Telco