José María Álvarez-Pallete, CEO of Telefonica S.A., would have concluded the stage of reducing the company’s debt and announced a new industrial investment, according to Hispanidad.com. In addition, it was revealed that the company wouldn’t sell Hispanic America, and that the sales period would’ve closed with the last sale of Central America.
Previously, Telefónica had stated that they were not going to continue investing in the Hispanic area, and the possibility of selling the Ibero-American subsidiaries was even being evaluated. It was also proposed to convert the debt into leverage in local currency without transferring funds.
However, from now on this process would’ve been finished and Hispanic America would once again have profitability expectations. Therefore, the plans for the sale of large units, such as those in Argentina and Peru, would’ve been completely ruled out. In addition, a new phase of investment in products and services would begin.