Madrid, 13 (Europa Press)
Telefónica has reached a final agreement this Wednesday for the sale of its subsidiary in Colombia to the Teleco Luxembourg Millicom for about 368 million euros, as reported by the company to the National Securities Market Commission (CNMV).
Specifically, Telefónica has agreed with Millicom for the sale of all the shares that it holds in its subsidiary Colombia Telecomunicaciones, representative of 67.5% of its share capital.
“This operation is part of the Telefónica Group Asset Management Policy, and is aligned with its strategy to gradually reduce exposure to Latin America,” the Spanish company justified.
In this context, it should be noted that Telefónica seeks to reduce its exhibition in Latin America, something that, beyond this operation in Colombia, has also resulted in the sale of its subsidiary in Argentina for about 1.2 billion euros and in the request of the creditors contest in Peru, to which the possibility that the company will be released from its subsidiaries in Uruguay and Mexico is added.
On the other hand, the company has recently announced that it will undertake a strategic review of its business in the heat of the current geopolitical changes, although the new road map will be made public in the second semester of the year.
Closed in July
It was at the end of last July when Telefónica signed an “non -binding agreement” with Millicom to explore “a possible corporate operation with respect to the assets that both groups have in Colombia”, a potential transaction that went through the sale of the participation of Telefónica in Coltel.
In February, Telefónica advanced in the process to sell its Colombian subsidiary, presenting before the Superintendence of Industry and Commerce, the Competition Authority in the South American country, a request for prior evaluation for the potential sale of Coltel to the Teleco Luxemburger.
Millicom: “Strátegic Movement”
In a statement, Millicom notes that the combined proposed entity “would rejuvenate the telecommunications sector” in the South American country by forming “a robust telecommunications entity with the scale and financial capacity necessary to support the important investments in networks and spectrum required to achieve the ambitious objectives of digital inclusion of Colombia.”
“This transaction strengthens our presence in Colombia and, with this strategic movement, Millicom reaffirms its continuous commitment to expand connectivity and coverage, accelerate digital transformation and actively contribute to continuous growth and competitiveness of Colombia,” said the Executive Director of Millicom, Marcelo Benítez.
Also, Millicom has also reiterated its offer to acquire the participation of 50% of the Public Companies of Medellín (EPM) in Tigoune “in cash to a multiple of comparable assessment” to which the acquisition of Coltel implies.
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