Telefonica scraps LatAm IPO

1 Mar 2013

Spanish telecoms giant Telefonica has cancelled plans to sell a stake in its LatAm unit, a move originally mooted as part of plans to trim the group’s debt. ‘There is not going to be an IPO [initial public offering] of Latin America…This is not a priority anymore to IPO our Latin American operations,’ Reuters quotes CEO Cesar Alierta as saying. CommsUpdate reported earlier this month that Telefonica had postponed the sale, but at the time no final decision had been made regarding a possible sale.

Spain, Telefonica, Telefonica Latinoamérica Group, Telefonica Moviles Group