Telefónica drafts JPMorgan to evaluate Argentina sale

Telefónica drafts JPMorgan to evaluate Argentina sale

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Spanish telecoms company Telefonica has drafted JPMorgan to assess the potential sale of its Argentina operations.

According to a report published in the Expansion newspaper, potential buyers for Telefonica's Argentina arm includes Luxembourg-based Millicom, which also has presence across multiple Latin-American markets.

Meanwhile, other potential buyers also include French telecoms operator Iliad, along with Argentinian investors.

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This comes as the telecoms giant announced the exit of CEO, Jose Maria Alvarez-Pallete, after just shy of 9 years.

Replacing Jose Maria Alvarez-Pallete, the move was made last week after the telecoms giant decided to terminate Alvarez-Pallete’s contract and offer the role was offered to Marc Murtra, the chairman of defence company Indra, which he accepted.

However, in a filing to the stock market regulator, the company said the decision still needs to be approved by shareholders.

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