MADRID (Reuters) – Spanish telecom group Telefonica has hired investment bank JPMorgan to sell its Mexican business, newspaper Cinco Dias reported on Friday, citing unidentified financial sources.
The company is seeking to carry out the sale before its annual shareholders meeting, which is generally held in April or May, the newspaper said.
A spokesperson for Telefonica declined to comment. JPMorgan did not immediately respond to a request for comment.
Local media have reported that Telefonica has put its Argentine business up for sale and the company has said it is seeking to sell a majority stake in its Colombian unit to New York-listed Millicom.
Telefonica, which replaced CEO Jose Maria Alvarez-Pallete unexpectedly last month, has carried out a series of asset sales in Latin America over the past years to reduce debt and to help fund investment in 5G mobile networks.
(Reporting by Inti Landauro. Editing by Jane Merriman)
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