Telefonica sells its Colombian unit to Millicom for $400 million

Spanish telecom company Telefonica agreed to sell its stake in its Colombian unit to Millicom for $400 million, as part of a strategy to gradually reduce its exposure to Latin America, it said on Wednesday evening.

The Spanish unit of Luxembourg-headquartered telecom Millicom will buy the 67.5% stake in the Colombian unit of Telefonica, both companies said in separate statements.