Telefonica sells its Panamanian operations to Cable Onda

Once the relevant regulatory approvals have been obtained, Telefonica Centroamerica Inversiones S.L. announced it has sold the entire Telefonica Moviles Panama S.A. shares capital to Cable Onda S.A., Millicom International Cellular’s subsidiary, for USD 594 million. 

According to what the company officially reported, after closing this operation, Telefonica has completed the sale of three of its operations in Central America (Guatemala, Nicaragua and now Panama), for a joint value of USD 1,356 million, of which 60% (USD 814 million) belongs to Telefonica. El Salvador and Costa Rica’s sales are still pending to be closed. During January and February this year, Telefonica announced the sale of all its operations in Central America for a USD 2,298 million enterprise value. 

On January 24th, Telefonica reported it had came to terms with America Movil to sell Telefonica Guatemala and El Salvador. On February 20th, the company informed an agreement ran with Millicom for the sale of Telefonica Costa Rica, Panama and Nicaragua. Finally, and before today’s announcement, the company reported on May 16th the sale of Telefonica Nicaragua to Millicom.