Telefonica Cleans Up Balance Sheet with Colombian Merger

Telefonica Cleans Up Balance Sheet with Colombian Merger

Colombia Europe M&A

Spain’s Telefonica has struck a deal to merge its Telefonica Moviles Colombia unit with Colombia Telecomunicaciones, a company itself majority owned by Telefonica, the company says. A key catalyst for the merger is Telefonica’s attempt to cement its balance sheet, which would see a reduction in net debt of EUR1.3m ($1.7bn), Telefonica says. The merger will result in Telefonica controlling 70% of the merged entity with the Colombian government holding the remaining 30% stake, with a right to incr

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