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Finance

Telefonica hires JPMorgan to sell Argentina business, Expansion reports

Published by Global Banking and Finance Review

Posted on January 29, 2025

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MADRID (Reuters) - Spanish telecoms company Telefonica has hired investment bank JPMorgan to evaluate a possible sale of Argentina business, newspaper Expansion reported on Wednesday, citing unidentified sources close to the process.

Potential buyers include Luxembourg-based Millicom, which is present in several markets in Latin America, plus French telecoms operator Iliad as well as Argentinian investors, Expansion said.

JPMorgan declined to comment and a spokesperson for Telefonica did not immediately respond to a request for comment.

Telefonica, which replaced CEO Jose Maria Alvarez-Pallete unexpectedly two weeks ago, has carried out a series of asset sales in Latin America over the past two years to reduce debt and to help fund investment in 5G mobile networks.

(Reporting by Inti Landauro; Editing by David Goodman)