Convergencia Research, Consultoría especializada en Latinoamérica y Caribe
Tuesday, January 21, 2020

A holding of Latin American businessmen would have offered € 10 billion for 51% of HispAm's businesses

A holding of Latin American businessmen would have presented an offer of € 10 billion to acquire 51% of Telefónica's business in the markets gathered under the Telefónica HispAm unit, created last November as part of a spin-off of assets (it includes the subsidiaries of Argentina, Chile, Peru, Venezuela, Ecuador, Colombia, Uruguay and Mexico).

The information was disseminated by the Spanish Newspaper El Mundo, although from Telefónica officials denied the existence of the offer. According to the proposal, which emerged from Colombia, the remaining 49% would be distributed among other smaller shareholders and Telefónica, would retain between 20% and 25%.

After knowing the journalistic version, the price of Telefónica's share rose 2.72%, with which the company led increases in Ibex 35.

As it was known last week, the Spanish group hired Morgan Stanley to market HispAm. Meanwhile, the consortium allegedly interested in Telefónica's operations hired the Colombian branch of Cremades & Calvo Sotelo to start talks with the operator.

 

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