Telefonica closes merger in Colombia, aims to reduce debt

Date: Monday 02 Jul 2012

Telefonica has announced that it closed the merger of its subsidiary Telefonica Moviles Colombia with Colombia Telecomunicaciones.

The Spanish telecom operator said that it will hold 70% of the resulting company with the remaining 30% to be held by the Colombian government.

The deal will allow Telefonica to reduce its net consolidated debt by around €1.45bn in the second quarter. The merger will go on to create the second largest telecommunications group in Colombia.

MD

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