Telefonica denies plans to sell Colombian arm

9 May 2013

Spanish telecoms giant Telefonica has said that it is not looking to sell its Colombian arm, Movistar Colombia following reports that the company was planning a partial listing of the business as part of its debt reduction measures. Reuters writes that officials denied the speculation quoting Telefonica CFO Angel Vila as saying: ‘In Colombia, I want to stress that we are not sellers.’ The company is involved in talks with the government regarding ways to capitalise the business and increase liquidity. Bogota owns a 30% share in the full service provider following a restructuring of the telco in May 2012 that combined Telefonica’s wholly-owned wireless subsidiary Telefonica Moviles Colombia with fixed line operator and 50/50 joint venture Telefonica Telecom.

Colombia, Telefonica Colombia (Movistar), Telefonica Latinoamérica Group, Telefonica Moviles Group