\tA consortium of entrepreneurs based in Latin America offered to buy a 51 per cent stake in Telefonica\u2019s business covering eight markets in the region for \u20ac10 billion, El Mundo reported.<\/p>\n
The newspaper said a group described as \u201cvery powerful\u201d planned to establish a holding company to house assets Telefonica is set to spin-off from its core business [1]. This includes the operator’s Movistar units in Argentina, Chile and Mexico.<\/p>\n
Identities of the billionaires were not disclosed, but they are said to be based across a number of Latin American countries, with the offer being made from a company operating out of Colombia.<\/p>\n
Under the offer, the consortium would hold 51 per cent of the stock with the remainder divided across minority shareholders including Telefonica itself, which would retain a stake of between 20 per cent and 25 per cent.<\/p>\n
Telefonica is in the process of reviewing its business in Latin America as part of a massive restructure announced in November 2019 [2]. It plans to spin-off the vast majority of its interests in Central and South America, only retaining its unit in Brazil as one of its core markets controlled from its headquarters in Spain.<\/p>\n
On announcing the new direction for the company, CEO Jose Maria Alvarez-Pallete (pictured) said Telefonica would review its presence in the eight countries, with a view to combining units or \u201creducing our position\u201d.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/telefonica-pitches-executive-team-for-latin-america\/
\n[2] https:\/\/www.mobileworldlive.com\/featured-content\/home-banner\/telefonica-set-for-sweeping-restructure-spin-offs\/<\/p>\n","protected":false},"excerpt":{"rendered":"
A consortium of entrepreneurs based in Latin America offered to buy a 51 per cent …<\/p>\n
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