Gold prices steady ahead of Fed decision; weekly weakness noted
Investing.com -- Spanish telecom giant Telefonica (NYSE:TEF) has engaged the services of investment bank JPMorgan to oversee the sale of its operations in Mexico, according to a report by Cinco Dias on Friday.
Telefonica aims to finalize the sale prior to its annual shareholders meeting, typically held in April or May, as per the newspaper's report.
In addition to its Mexican business, Telefonica has reportedly also put its Argentine operations up for sale. The company has confirmed its intentions to sell a majority stake in its Colombian unit to Millicom, a company listed on the New York exchange.
This move comes in the wake of a sudden change in leadership at Telefonica last month, when Jose Maria Alvarez-Pallete was replaced as CEO.
In recent years, Telefonica has been actively selling off assets in Latin America, with the dual aim of reducing debt and generating funds for investment in 5G mobile networks.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.