Operators

Telefonica appraising market as it eyes Venezuela exit

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Telefonica appraising market as it eyes Venezuela exit

Telefonica is looking to exit Venezuela, with the Spanish group reportedly waiting for market conditions to improve before formalising a sale within the next year.

According to Bloomberg, several potential buyers have made unsolicited offers on Movistar Venezuela – a boon to Telefonica, which is reportedly keen to attract a selection of bids to choose from rather than focusing on a single potential buyer, although the possibility remains that Telefonica could retain the unit.

The operator reportedly began preliminary talks with US-based private equity group Latin America Real Assets Opportunities (LARA) Fund, but these were abandoned.

Telefonica has been active in Venezuela since 1991, with around 9 million subscribers in the market. The group has been divesting its units in markets across Latin America – including Chile, Ecuador, Mexico, and Uruguay - as part of a wider refocusing on its operations in Europe and Brazil.



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