elefonica has reportedly hired JPMorgan to sell its Mexican business, according to Spanish newspaper Cinco Dias. The sale is part of the telecom giant’s strategy to reduce debt and fund investments in 5G mobile networks.
The transaction is expected to be completed before Telefonica’s annual shareholders meeting, typically held in April or May. This follows other asset sales in Latin America, including the divestment of its Argentine business and a majority stake in its Colombian unit to Millicom.
Telefonica has not commented on the report, and JPMorgan has yet to respond. The company’s restructuring efforts include the unexpected replacement of CEO Jose Maria Alvarez-Pallete last month, as it shifts focus toward 5G and debt reduction.
