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Investing.com -- Telefonica (NYSE:TEF), the Spanish telecommunications company, has announced its decision to sell its business in Colombia to Millicom Spain.
The deal is valued at $400 million and signifies Telefonica’s ongoing strategy to minimize its exposure to the Latin American market.
Announced late on Wednesday, the deal will see Millicom Spain acquiring 67.5% of the share capital of Colombia Telecomunicaciones.
This transaction, however, is still pending regulatory approvals. With this move, Telefonica continues to strategically retreat from the Latin American region, as it focuses on other markets.
As of now, Telefonica and Millicom Spain are awaiting the necessary regulatory approvals before they can finalize the transaction.
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