Telefonica plans to sell shares of its Colombian unit this year after halting an initial public offering for all of its Latin American assets, Bloomberg reports, citing unnamed sources familiar with the matter. According to these sources, Telefonica, which owns 70 percent of the unit, plans to offer a minority holding in an IPO.
Telefonica, however, needs approval from the Colombian government, which holds the remaining shares, to proceed with a transaction, the sources added. Telefonica managers and Colombian government officials plan to meet this month to discuss the transaction, the people said.
Telefonica Colombia offers fixed and mobile phone, as well as internet and pay-TV services on the local market. The unit reported OIBDA of EUR 607 million in 2012, on sales of EUR 1.77 billion.
