Telefonica considering sale of Ecuador unit for up to EUR800m

9 Sep 2019

Spanish telecoms group Telefonica has begun exploring the sale of its Ecuador unit for as much as EUR800 million (USD881.8 million) as part of its ongoing debt reduction efforts, reports Spanish daily El Economista citing unnamed sources. Although talks with potential buyers have yet to begin, the group is studying market conditions ahead of a sale which could attract interest from Millicom (Tigo) and Entel Chile, claims the report. Telefonica Ecuador (operating under the Movistar brand) reported EBITDA of EUR75 million and revenue of EUR252 million in the first six months of 2019.

Telefonica Group’s debts fell to EUR40.2 billion at the end of June 2019, down from around EUR48 billion at the same date the previous year.

Ecuador, Movistar Ecuador (Otecel), Telefonica