MADRID – Telefonica (NYSE: TEF), the Spanish telecoms company, has hired investment bank JPMorgan (NYSE: JPM) to evaluate a possible sale of Argentina business, newspaper Expansion reported on Wednesday, citing unidentified sources close to the process.

Potential buyers include Luxembourg-based Millicom, which is present in several markets in Latin America, plus French telecoms operator Iliad as well as Argentinian investors, Expansion said.

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JPMorgan declined to comment and a spokesperson for Telefonica did not immediately respond to a request for comment.

Telefonica, which replaced CEO Jose Maria Alvarez-Pallete unexpectedly two weeks ago, has carried out a series of asset sales in Latin America over the past two years to reduce debt and to help fund investment in 5G mobile networks.

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Mark Glenn

Mark Glenn is a financial journalist and breaking news reporter for ABBO News. Mark is known for his ability to deliver real-time news updates on market developments, mergers and acquisitions, corporate earnings reports, and regulatory changes, helping investors stay informed and make sound financial decisions. Read Full Bio

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