Telefónica launched its plan to decouple its operations in Latin America ( not including Brazil) and focus its business in Brazil, Spain, the United Kingdom and Germany. The company’s President, José María Álvarez-Pallete, visited Telefonica’s markets in Argentina, Colombia, Chile, Peru and Venezuela this week to boost the process.
At the meetings, the executive shared Telefónica’s vision with the company’s local management teams in Latin America and with professionals from different countries. In the plan presentation, Telefónica indicated that the main objective is focused on attracting investments and obtaining potential synergies with other market agents.
‘We have to find a way to strengthen the operations we have in Latin America. And, for that, to reinforce them, all options are available. It is time to change,, to find out what the new formula is to be profitably exposed to those markets’, he said.
On January 24th, Telefonica reported that it ran an agreement with America Movil to sell its operations in Guatemala and El Salvador. On February 20th, the company reported a partnership with Millicom for Telefonica’s sale in Costa Rica, Panama and Nicaragua.