The Diplomat
Telefónica has closed the sale of its El Salvador subsidiary to General International Telecom el Salvador for USD 139 million (around EUR 121 million at current exchange rates).
The operator has thus transferred 99.3% of the company, which it owned in a joint venture with Corporación Multi Inversiones, in which it held 60%, as opposed to its partner’s 40%, the company informed the Comisión Nacional del Mercado de Valores (CNMV) yesterday.
The sale of the El Salvador subsidiary has been carried out for a multiple of seven times its gross operating profit (Ebitda), according to previous communications from the group.
Telefónica is thus furthering its strategy of reducing its exposure to markets considered non-strategic, such as Central America, where it has also sold its subsidiary in Costa Rica.
