Colombian government seeks approval for Telefonica Telecom deal

The Colombian government and Spain’s Telefonica have presented to Colombia’s Congress a plan to improve the competitive performance of their joint venture, Telefonica Telecom. Representatives of both shareholders introduced to Congress a plan to inject capital into the business in proportion to their stakes, with the possibility of merging the company with Telefonica’s other local subsidiary Movistar at a future date. The telco, which formerly operated under the moniker Colombia Telecom, is owned 52.03% by Telefonica and 47.97% by the Colombian government.