The figure represents a reduction of nearly 10% from the estimated value when the non-binding agreement was announced in July 2024.

Telefónica reached an agreement this Wednesday to sell its Colombian subsidiary to Millicom for US$400 million (approximately €368 million), the company reported to the National Securities Market Commission (CNMV).

The figure represents a reduction of nearly 10% compared to the value estimated when the non-binding agreement was announced in July 2024.

Specifically, Telefónica has agreed with Millicom to sell all of its shares in Colombia Telecomunicaciones, representing 67.5% of its share capital.

"This transaction is part of the Telefónica Group's asset portfolio management policy and is aligned with its strategy of gradually reducing its exposure to Latin America," the Spanish company explained.

In this context, it should be noted that Telefónica is seeking to reduce its exposure in Latin America. Beyond this transaction in Colombia, this has also resulted in the sale of its subsidiary in Argentina for approximately €1.2 billion and the filing for bankruptcy in Peru. In addition, the company is considering the possibility of divesting its subsidiaries in Uruguay and Mexico.

On the other hand, the company recently announced that it will undertake a strategic review of its businesses in light of current geopolitical changes, although the new roadmap will be made public in the second half of the year.