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Telefónica near to closing Central America sale

Monday, July 22, 2013

Spain's stock market regulator CNMV has granted Telefónica permission to sell off 40 percent of its assets in Central America as the operator seeks to cuts its debt.

Telefónica said in April that it had agreed to sell 40 percent of its assets in El Salvador, Nicaragua, Guatemala and Panama for $500 million to Corporación Multi Inversiones to reduce debt.

CMI is the owner of Guatemalan fried chicken chain Pollo Campero and operates in 19 countries on three continents.

Source: Business News Americas