Finance
Telefonica sells Uruguay unit to Millicom for $440 million
Published by Global Banking & Finance Review®
Posted on May 22, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 22, 2025
1 min readLast updated: January 23, 2026
Telefonica sells its Uruguay unit to Millicom for $440 million, aligning with its strategy to exit Latin America and focus on core markets.
MADRID (Reuters) -Spanish telecom company Telefonica said on Wednesday it agreed to sell its Uruguayan unit for $440 million to Luxembourg-based Millicom International as part of its strategy to exit Spanish-speaking Latin America.
At the end of the transaction Millicom, which operates telecom companies all over Latin America under the brand Tigo, will buy 100% of Telefonica's Uruguay unit, Telefonica said in a statement.
Telefonica did not specify whether the sale will imply a capital impairment on its accounts.
The Spanish company has recently sold its business in Peru and Argentina as it opted to focus on Spain, Brazil, Britain and Germany.
The company had to book an accounting loss of 1.7 billion euros ($1.93 billion) during the last quarter from the disposals in both South American countries.
($1 = 0.8821 euros)
(Reporting by Corina Pons and Inti Landauro, Editing by Louise Heavens)
Millicom International, based in Luxembourg, is acquiring Telefonica's Uruguayan unit.
The sale price for Telefonica's Uruguayan unit is $440 million.
Telefonica has recently sold its businesses in Peru and Argentina to focus on markets in Spain, Brazil, Britain, and Germany.
Telefonica did not specify whether the sale will imply a capital impairment on its accounts.
Telefonica had to book an accounting loss of 1.7 billion euros ($1.93 billion) during the last quarter from disposals in Peru and Argentina.
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