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Investing.com -- Spanish telecommunications giant Telefonica (BME:TEF) has engaged Rothschild to facilitate the sale of its troubled unit in Peru.
The unit, which sought bankruptcy protection last month, is being divested as part of Telefonica’s broader strategy to decrease its presence in Latin America.
This strategic shift comes under the leadership of new CEO Marc Murtra, who succeeded Jose Maria Alvarez-Pallete in January. Murtra has indicated that Telefonica aims to complete a strategic review by the end of the current year.
The company’s move to sell its Argentine unit last month for $1.245 billion underscores its commitment to this new direction.
The decision to sell the Peruvian unit is seen as another step in Telefonica’s efforts to streamline its operations and focus on more profitable markets.
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