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Telefonica sells El Salvador mobile phone unit in $144 million deal

Telefonica sells El Salvador mobile phone unit in $144 million deal
Telefonica sells El Salvador mobile phone unit in $144 million deal   -   Copyright  Thomson Reuters 2021
By Reuters

MADRID – Spain’s Telefonica said on Friday it had agreed to sell its mobile phone unit in El Salvador in a deal valued at $144 million.

It sold the business to General International Telecom, it said in a statement.

Telefonica owns a 60% stake in Telefonica Movil El Salvador through its Central American unit.

The sale is part of a wider Telefonica plan to reduce its debt by selling assets.