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Telefónica sells 40% of its Assets in Central America


telefonicaTelefónica reached an agreement today with Corporación Multi Inversiones (“CMI”) for the sale of 40% of Telefónica’s assets in El Salvador, Guatemala, Nicaragua, and Panama.

The value of the sale –which is subject to obtaining the necessary regulatory approvals – totals 500 million dollars. The operation also includes the payment of an additional amount of up to 72 million dollars, which will be determined by the evolution and the operational performance of the aforementioned assets in the coming years. The implied multiple for the total amount of the transaction means 6.5 times EBITDA 2012 of the companies involved in the operation.

This operation is part of Telefónica’s policy of proactive management of its asset portfolio and the initiatives to increase the company’s financial flexibility.

The Telefónica Group has been operating in the region of Central America since 1998, when it began the privatization of the sector in El Salvador.

Corporación Multi Inversiones (CMI) is an important business group in Latin America. It was established in 1920 and is a family-owned multinational corporation. It operates in nineteen countries on three continents.

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