Telefónica has consummated this Monday the sale of its subsidiary in Costa Rica to Liberty Latin America for 538 million euros, as announced this afternoon in a relevant event addressed to the National Securities Market Commission (CNMV). An operation that will mean a reduction in its net financial debt for the operator of approximately 440 million euros.
Within the strategy of the operator to give value to its division of Telefónica Hispam, which collects its Latin American business outside of Brazil, on July 30 announced this move just three months after the scare of another previous suitor: Millicom. In this sense, the Spanish telecom confirmed that it would continue with the legal actions against this company for «An unjustified breach of the agreements achieved in 2019 ».
The policy of polishing the assets of Telefónica Hispam has continued during the last year. Specific, has sold 60% of its optical fiber to the investment fund KKRin Chile and Colombia for a total amount of about 1,100 million dollars or transferred assets from its investee Telxius in countries such as Peru, Chile and Argentina.
Operations like the previous one are also circumscribed within Telefónica’s policy of strong debt reduction. According to the results of the first semester, made public a few days ago: Between June 2020 and the same month of the following year, net financial debt fell by 29.5% to 26.2 billion euros. Only five years ago, with the arrival of Pallete to the presidency of Telefónica, the company supported a liability of more than 52,000 million.