The Spanish-based telco has made a series of asset sales in Latin America in recent years to reduce debt and help finance investment in 5G mobile networks.

Spanish telecoms group Telefónica has hired investment bank JPMorgan to sell its Mexican business, Spanish daily Cinco Días reported on Friday, basing its information on unidentified financial sources.

The company aims to complete the sale before its annual shareholders meeting, which is typically held in April or May, the paper said.

A spokesman for Telefonica declined to comment. JPMorgan did not immediately respond to a request for comment.

Local media have reported that Telefónica has put its Argentine business up for sale and the company has said it is seeking to sell a majority stake in its Colombian subsidiary to New York-listed Millicom.

The Spanish-based telco, which unexpectedly replaced CEO José Maria Álvarez-Pallete last month, has made a series of asset sales in Latin America in recent years to reduce debt and help fund investment in 5G mobile networks.