By Telefonica is reportedly planning to sell its Mexican business, hiring JPMorgan to oversee the transaction, according to Spanish newspaper Cinco Dias. The sale is expected to be finalized before the company’s annual shareholders meeting in April or May.
This move is part of Telefonica’s broader strategy to divest assets in Latin America, including the sale of its Argentine business and a majority stake in its Colombian unit to Millicom. The company aims to reduce debt and allocate resources toward 5G mobile network investments.
Telefonica has not commented on the report, and JPMorgan has yet to respond. The company’s restructuring efforts include the unexpected replacement of CEO Jose Maria Alvarez-Pallete last month, signaling a shift in its operational focus.