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General

Telefonica seeking up to USD 1 bln in Argentine unit IPO - report

Tuesday 17 April 2018 | 10:28 CET | News

Telefonica has hired Bank of America Merrill Lynch and Morgan Stanley to sell shares of its Argentine subsidiary through initial public offerings in Buenos Aires and New York, according to unnamed sources cited by Bloomberg. The company is seeking to raise between USD 500 million and USD 1 billion from the IPO, which is likely to take place in the second half of the year, said the report.

The news comes after Telefonica Argentina’s shareholders voted to change certain company by-laws, clearing the way for an IPO, at a meeting held on 16 April. The Argentine unit had over 25 million customers at the end of 2017, with annual revenues of around EUR 3.5 billion, equivalent to 6.7 percent of the group’s total. The decision to list the subsidiary is aimed at raising funds to expand fibre-optic networks and cut debt.




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Categories: General
Companies: Telefonica / Telefonica Argentina
Countries: Argentina
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