Telefonica exits Peru in $1M deal

The Spanish conquistadores placed El Dorado in Peru, a land where gold sprouted everywhere. Many of them perished trying to find that mythical place yet to be discovered. Telefónica has suffered its particular legend of El Dorado since three decades ago when it landed in the Andean country. The consortium headed by Telefónica Internacional paid $2 billion in 1994 for the privatization of the Peruvian Telephone Company. Last Sunday it sold its bu…

Telefónica's exit from the Peruvian market is part of the strategy of its Spanish parent, to withdraw from the Hispanic America region, but also because of the strong financial pressure it faced in recent years, said Carlos Huamán, executive director of DN Consultores.He specified that the telecommunications sector is under strong financial pressure, that is, they need more infrastructure to allow it to continue expanding its services, but their…

Telefónica continues to implement changes in the group’s subsidiaries as part of Marc Murtra’s orderly restructuring process. One of the most significant renovations has been that of Movistar+, the group’s private television, as well as the governing bodies on which it depends. It is an essential leg for the group’s revenues that will take on special relevance in the coming months. Telefónica’s president, recently ratified by the company’s share…

Telefónica divests Peruvian unit - LatinFinance

Spanish telco sells the business for about $1 million plus debt as part of its exit from Latin America The post Telefónica divests Peruvian unit appeared first on LatinFinance.

Telefónica sells its operation in Peru. Image: Telefónica Hispanoamérica, the subsidiary of Telefónica that controls all the operations of the company in Latin America - with the exception of Brazil- under the Movistar brand, recently sold 99.3% of its shares in Peru to the firm Integra Tec International. With this step, the firm advances in its strategy of gradually reducing the exposure to Hispanoamérica, which is already advancing with the de…

The three proposals were delivered approximately two weeks ago, with the International Inc. finally selected, with a symbolic value of US$1 million.