Telefonica Picks Morgan Stanley To Head Review Of LatAm Activities

Telefonica has selected US investment bank Morgan Stanley to carry out an analysis of its operations in Latin America, reports business daily Expansion, citing an earlier exclusive from Bloomberg. The review is part of the wide-ranging action plan announced by Telefonica in November, with the company pledging to spin-off its Latin American units, with the exception of Brazil, with a view to “modulating the exposure to the region, while creating the conditions to maximise its value… via growth, consolidation and potential corporate operations.”

It said the Latin American operations will be managed as an autonomous unit called Telefonica Hispam with a specific and dedicated regional team focused on attracting investors and boosting potential synergies with other market players. Morgan Stanley will first examine different options for the operator’s activities in Argentina, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay and Venezuela, including possible alliances and sales of assets, added the report.―Telecompaper