Telefonica seeks up to USD1bn from Argentina IPO

17 Apr 2018

Spanish telecoms giant Telefonica has hired Bank of America Merrill Lynch and Morgan Stanley to run the initial public offering (IPO) of its Telefonica de Argentina (TdA) subsidiary, Bloomberg reports, citing people with knowledge of the plan. The IPO is expected to see shares listed on both the Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos Aires, BCBA) and the New York Stock Exchange (NYSE), the news agency adds. The IPO will aim to raise between USD500 million and USD1 billion, and will most likely occur in the second half of the year.

Telefonica called a shareholder meeting yesterday (16 April) to approve the listing, which is aimed at raising funds to extend the telco’s fibre-optic network and cut debt.