Telefonica (TEF) agreed to sell its Peruvian unit to Integra Tec International for about $1.02M, Reuters reports. Telefonica del Peru, which was 99.3% owned by Telefonica, ran into trouble following tax disputes and administrative decisions that put it in “competitive disadvantage” despite being the largest telecom company in Peru. As part of the deal, Integra Tec will assume the EUR 1.24B Telefonica’s Peruvian unit owes the local tax agency and bond holders.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TEF:
- Telefonica price target lowered to EUR 3 from EUR 3.20 at Deutsche Bank
- Telefónica Reports Strong 2024 Financial Performance
- Telefonica’s Earnings Call Highlights Growth and Challenges
- Telefonica’s Mixed Financial Signals Justify Hold Rating Amid Strategic Uncertainty
- Telefonica SA (TEF) Q4 Earnings Cheat Sheet