Telefonica sells 2.5% Unicom stake for USD859m

11 Nov 2014

Spanish telecoms group Telefonica has halved its stake in China Unicom, China’s second largest telco by subscribers, after selling a 2.5% share in the operator for HKD6.66 billion (USD858.95 million). Telefonica yesterday sold 597,844,100 shares in China Unicom in a block trade process at a price of HKD11.14 per share, the bottom end of a targeted range of up to HKD11.34. In its regulatory filing Telefonica noted that it maintains its commitment to its strategic alliance with Unicom. The group did not give a reason for the sale, but it has been speculated that the funds will be used to finance acquisitions in Europe and Latin America.

China, China Unicom, Telefonica