Sale of Colombian unit lifts Telefonica shares

Millicom International Cellular

13/03/2025 08:55

** Shares of Telefonica TEF.MC rise 1.6% to the top of Madrid's IBEX35 .IBEX index after the Spanish telecom said it signed a definitive agreement to sell its Colombian unit to Millicom for $400 million

** The deal is part of Telefonica's strategy to gradually reduce its exposure to Latin America

** Brokerage ING believes it is a good transaction, although it will have only a small impact on Telefonica's financial profile

** ING adds, however, that Telefonica may benefit from a greater strategic focus on more profitable markets as well as a reduced exposure to non-euro currencies

** Millicom's Stockholm-listed shares TIGOsdb.ST are up 1.8% in morning trade

 (Reporting by Joao Manuel Mauricio)

 ((JoaoManuel.VicenteMauricio@thomsonrueters.com))