Spain’s Telefonica sells its Ecuador unit at $380 million
MADRID: Spanish telecom company Telefonica said late on Friday it had reached an agreement with Luxembourg-based Millicom International to sell 100% of the shares of its Ecuador unit Otecel S.A. for 380 million dollars.
The transaction aimed to further reduce the Spanish company’s exposure to Latin America, after it recently sold its businesses in Uruguay, Peru and Argentina to focus on Spain, Brazil, Britain and Germany.
