Finance
Telefonica sells its Colombian unit to Millicom for $400 million
Published by Global Banking & Finance Review®
Posted on March 13, 2025
1 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 13, 2025
1 min readLast updated: January 24, 2026
Telefonica sells its Colombian unit to Millicom for $400 million, reducing its exposure in Latin America. The sale is part of a strategic focus on key markets.
(Reuters) - Spanish telecom company Telefonica agreed to sell its stake in its Colombian unit to Millicom for $400 million, as part of a strategy to gradually reduce its exposure to Latin America, it said on Wednesday evening.
The Spanish unit of Luxembourg-headquartered telecom Millicom will buy the 67.5% stake in the Colombian unit of Telefonica, both companies said in separate statements.
Telefonica has already divested from many markets in Latin America, where returns were lower than capital cost, to focus on Spain, Brazil, Britain and Germany.
Newly appointed Chief Executive Marc Murtra has said the company would complete a strategic review before the end of this year.
Last month, Telefonica sold its unit in Argentina and earlier this month media reported the company had started the process to sell its units in Mexico and Peru
($1 = 0.9192 euros)
(Reporting by Joao Manuel Mauricio in Gdansk, editing by Inti Landauro and Tomasz Janowski)
Telefonica agreed to sell its Colombian unit to Millicom for $400 million.
Millicom will buy a 67.5% stake in Telefonica's Colombian unit.
Telefonica is divesting from Latin America due to lower returns compared to capital costs, focusing instead on markets like Spain, Brazil, Britain, and Germany.
Marc Murtra is the newly appointed Chief Executive of Telefonica.
Recently, Telefonica sold its unit in Argentina and is in the process of selling its units in Mexico and Peru.
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