February 25, 2025 09:21 GMT
COMMUNICATIONS: Telefonica Sells Argentinian Business
COMMUNICATIONS
TELEFO Baa3/BBB-/BBB
Not a spread mover at <0.1x of leverage.
- Telefonica has sold Telefonica Moviles Argentina to Telecom Argentina for USD 1.245bn.
- Well-flagged and aligns with Telefonica’s strategy to reduce Latin American exposure.
- Antitrust review launched; S&P flagged mobile share of 33% for TA, 28% for TEL back in 2023.
- Analysts noted attractive valuation; agree given the vol that Argentinian exposure brings.
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