Telefónica seeks a sell-off in Central America

After months of rumors, Spain's Telefónica confirmed that it is working to sell its assets in Central America. In a statement to Spanish regulators, it said it is in talks on a partial or total sale but so far has not found a buyer.

Telefónica is present in Costa Rica, Guatemala, Nicaragua, El Salvador and Panamá. Industry sources say that the Spanish operator has had talks with groups such as AT&T, América Móvil and Millicom -- best known for its Tigo brand name -- on the potential for a sale.

Telefónica sold 40 percent of its Central American business -- except Telefónica Costa Rica, which it wholly owns -- to Corporación Multi Inversiones in 2013 for more than $450 million.