Telefonica sells Uruguay unit to Millicom for $440 million
MADRID: Spanish telecom company
Telefonica
said on Wednesday it agreed to sell its Uruguayan unit for $440 million to Luxembourg-based Millicom
International
as part of its strategy to exit Spanish-speaking Latin America.
At the end of the transaction Millicom, which operates telecom companies all over Latin America under the brand Tigo, will buy 100% of Telefonica's Uruguay unit, Telefonica said in a statement.
Telefonica did not specify whether the sale will imply a capital impairment on its accounts.
The Spanish company has recently sold its business in Peru and Argentina as it opted to focus on
Spain
, Brazil, Britain and Germany.
The company had to book an accounting loss of 1.7 billion euros ($1.93 billion) during the last quarter from the disposals in both South American countries.
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