Telefonica Sells CentAm Stake to Pay Debt

Telefonica Sells CentAm Stake to Pay Debt

Panama Nicaragua El Salvador Guatemala Europe M&A

Spain’s Telefonica has agreed to sell 40% of its assets in El Salvador, Guatemala, Nicaragua and Panama to Guatemalan family-owned conglomerate Corporacion Multi Inversiones for $500m, it says, to raise funds to pay off debt. The process will involve creating a holdco for the assets in these countries, and includes the payment of an additional amount of up to $72m, determined by the future performance of the assets. Analysts were positive on a multiple seen at 6.5x Ebitda, especially considering

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