Telefónica sells its Argentine subsidiary for 1 billion in the first Murtra operation

Just over a month after Marc Murtra He assumed the position of president, Telefónica makes his first corporate operation. The telecommunications company has sold its subsidiary in Argentina, according to knowledgeable sources. As reported by ‘El Confidencial’, the amount of the operation would be about 1,000 million euros.

The sale has occurred to a group of investors of which the Argentine Clarín is part, which is the main media conglomerate in Argentina. In fact, this is the one that has led the operation. The birth of this operation was already produced with José María Álvarez-Pallete since Telefónica had in Strategic review His permanence in certain markets, among which Argentina was. Now, the operation has accelerated until closing with a group of investors led by Clarín.

Likewise, as reported by the aforementioned medium, Telefónica has also shielded in the face of possible problems that could arise for the buyer group and would have included a clause by which the buyer would assume any hypothetical financial hole that could occur in the accounts of the Argentine subsidiary. A way to protect yourself from future risks and to avoid, if there are, later litigation.

This is the first sale that occurs from the arrival of Murtra to power after evicting Álvarez-Pallete from the presidency, a blow of the government that had the approval of the rest of the major shareholders. The new president also has just ended a tour of the main markets of the telecommunications group that had taken regions such as Germany, Brazil or the United Kingdom to know thoroughly the ins and outs of the most important subsidiaries.

This movement occurs a few days after the Spanish Teleco made the decision to bring its subsidiary in Peru to the contest of creditors with the aim of addressing financial restructuring and its operations, as reported by the company. «In order to achieve an orderly restructuring of the Liabilities of Telefónica del Perú, it is reported that the Board of Directors of said company has agreed, today, the foster care of Telefónica del Perú to the ordinary bankruptcy procedure established in the Peruvian regulations . The foster care of Peru to said bankruptcy procedure is oriented to financial restructuring and its operations within what the applicable bankruptcy legal framework establishes, ”he said in a communication sent to the CNMV.