Brazil’s Telefonica sells cyber security firm for $20 million

Brazil’s telecom services provider Telefonica Brasil SA has sold its 100% stake in cyber-security firm TelefônicaCibersegurança e Tecnologia do Brasil (CyberCoBrasil) to another company within the group, according to a securities filing on Tuesday.

The sale value was 116.4 million reais ($20.27 million) and the buyer of the stake was Telefónica Cybersecurity Tech, which is indirectly controlled by Spain’s Telefónica SA, the filing said.

As part of the deal, certain assets, contracts and staff had to be transferred from Telefonica Brasil to CyberCoBrasil, the seller said. Reuters