Telefónica Móviles of Spain is buying up the remaining 8% in its Mexican subsidiary which it does not already own. The Spanish firm will pay Mexican businessman Alejandro Burillo EUR177 million for the stake. Telefónica Móviles Mexico is the country’s second largest cellular operator with almost six million subscribers at the end of September.
Meanwhile, Telefónica has also announced that Peter Erskine will remain as chief executive of the O2 group when its acquisition is finalised next month. Erskine will also be given charge of Telefónica’s Czech unit Cesky Telecom and its operations in Germany.