According to a report by Cinco Dias on Friday, Spanish telecom group Telefonica has enlisted investment bank JPMorgan to facilitate the sale of its Mexican business. The company aims to finalize the sale before its annual shareholders meeting, typically held between April and May.
Telefonica declined to provide a comment, and JPMorgan has yet to respond to inquiries. Reports suggest that Telefonica is also considering selling its Argentine unit and is in discussions to sell a majority stake to New York-based Millicom.
In recent years, Telefonica has engaged in asset sales across Latin America to decrease debt and support investments in 5G mobile networks, following the unexpected departure of CEO Jose Maria Alvarez-Pallete last month.