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Telefónica to Sell Central American Units to America Movil for $648 million

Telefónica to Sell Central American Units to America Movil for $648 million Image Credit: Narith Thongphasuk/Bigstockphoto.com

Telefónica announced that it is selling off two of its operations in Central America to América Móvil for $648 million.

Telefónica's subsidiary Telefonica Centroamérica Inversiones, 60% of which is owned, directly and indirectly, by Telefonica and 40% by Corporación Multi Inversiones, has reached an agreement with América Móvil for the sale of the entire share capital of Telefónica Móviles Guatemala and 99.3% of Telefónica Móviles El Salvador.

This transaction is part of the Telefónica Group ’s asset portfolio management policy based on a strategy of value creation, improving return on capital and strategic positioning. It also complements the objective of organic debt reduction and strengthening the balance sheet in a growing cash flow scenario, which allows us to maintain a sustainable and attractive shareholder remuneration.

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Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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