Finance
Spain's Telefonica sells its Ecuador unit at $380 million
Published by Global Banking & Finance Review®
Posted on June 14, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 14, 2025
1 min readLast updated: January 23, 2026
Telefonica sold its Ecuador unit to Millicom for $380 million, continuing its strategy to reduce exposure in Latin America and focus on European markets.
MADRID (Reuters) -Spanish telecom company Telefonica said late on Friday it had reached an agreement with Luxembourg-based Millicom International to sell 100% of the shares of its Ecuador unit Otecel S.A. for 380 million dollars.
The transaction aimed to further reduce the Spanish company's exposure to Latin America, after it recently sold its businesses in Uruguay, Peru and Argentina to focus on Spain, Brazil, Britain and Germany.
Telefonica had agreed a month ago to also sell its Uruguayan unit to Millicom, which operates telecom companies all over Latin America under the brand Tigo.
The company had to book an accounting loss of 1.7 billion euros ($1.9 billion) during the last quarter from the disposals in Peru and Argentina.
(Reporting by Ana Cantero; Editing by Toby Chopra)
Telefonica sold its Ecuador unit Otecel to Luxembourg-based Millicom International.
The sale price of Telefonica's Ecuador unit was $380 million.
Telefonica aims to reduce its exposure to Latin America after previously selling its businesses in Uruguay, Peru, and Argentina to focus on Spain, Brazil, Britain, and Germany.
Telefonica had to book an accounting loss of 1.7 billion euros ($1.9 billion) during the last quarter from the disposals in Peru and Argentina.
Millicom operates telecom companies in Latin America under the brand Tigo.
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