• Costa Rica Real Estate

Spanish firm Telefónica sells 40 percent of its assets in the region

April 30, 2013

MADRID, Spain – Spanish telecommunications group Telefónica announced Tuesday the selling of 40 percent of its assets in Guatemala, El Salvador, Nicaragua and Panama, for a total of $500 million dollars, the company said in a press release.

The agreement does not include the company’s operations in Costa Rica, which began under the trademark Movistar in November 2011 and is backed by the parent company in Spain.

Telefónica will also receive a variable fee of up to $72 million for the sale, “which will be determined by the evolution of such assets in coming years,” the release said.

The firm plans to reduce his debt from 51 billion euros in 2012 to 47 billion euros by the end of this year, and it announced in 2011 a restructuring plan that included, among other measures, reducing by 20 percent its workforce in Spain.

Telefónica offers services such as fixed telephone, broadband and mobile in Central America. The company’s revenue last year increased 24 percent to 672 million euros, while operating income before depreciation and amortization fell 15 percent to 140 million euros.

Facebook Comments

You may be interested

United States and El Salvador sign immigration agreement
Central America
20 views
Central America
20 views

United States and El Salvador sign immigration agreement

AFP and The Tico Times - September 20, 2019

The United States and El Salvador reached an immigration agreement on Friday, the interim secretary of Homeland Security, Kevin McAleenan,…

‘I want to write my story here too,’ Navas says of PSG
Keylor Navas
18 views
Keylor Navas
18 views

‘I want to write my story here too,’ Navas says of PSG

AFP and The Tico Times - September 20, 2019

Costa Rican goalkeeper Keylor Navas debuted in the Champions League with Paris SG on Wednesday with a 3-0 victory against…

UN names Costa Rica as ‘Champion of the Earth’ for environmental efforts
Climate Change
275 views
Climate Change
275 views

UN names Costa Rica as ‘Champion of the Earth’ for environmental efforts

Alejandro Zúñiga - September 20, 2019

The United Nations has selected Costa Rica as its 2019 Champions of the Earth award for policy leadership, the organization…

Do NOT follow this link or you will be banned from the site!