The sale of Telefónica's operations in Guatemala and El Salvador to América Móvil is just one more step in the restructuring of the Spanish company's business. The operation is in line with the strategy proposed by José María Álvarez-Pallete since he took office and admitted in early 2017 that they would explore "the way to value assets that may be undervalued in the sum of Telefónica's shares, which we believe there are several". This line was reaffirmed during 2018 with various movements, such as the Spanish subsidiary of insurance Antares to Catalana Occidente for € 161 million, 10% of Telxius to Amancio Ortega for € 379 million, startups TokBox and Digital Inc, as well as real estate assets and Torres, businesses for which he obtained more than € 50 million.