No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

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

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

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.

Trending Now

Nicaragua Places Bayardo Arce Under House Arrest Amid Power Struggle

The Nicaraguan government has placed historic Sandinista commander Bayardo Arce, economic adviser to President Daniel Ortega, under house arrest, according to exiled opposition members...

Can Costa Rica’s Blue Zone Preserve Its Longevity Legacy?

The Nicoya Peninsula in Costa Rica is recognized worldwide as one of the five blue zones, where people live beyond the age of 90...

Remittances to Central America Surge 20% Amid U.S. Deportation Fears

Family remittances in Central America grew by around 20% in the first half of 2025, according to official data—a rise that experts attribute to...

Costa Rica President Stays in Office Amid Legal Pressures and Speculation

President Rodrigo Chaves Robles has announced that he will not resign from the Presidency, ending months of speculation fueled by political rumors and legal...

Empty Stadiums and Inequality Mar Women’s Copa América

Nearly empty stadiums, players' criticism of the organization, and demands for equality in South American football have marked the 2025 Women's Copa América in...

Costa Rica’s Poás Volcano Park Reopening to Tourists With Safety Measures

The Poás Volcano National Park will reopen its doors to tourism starting July 30, after  scientific entities reported a decrease in volcanic activity. This was...
Avatar
spot_img
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica