Telefonica to sell majority stake in Peru fibre network

Spanish telecom firm Telefonica is in talks to sell a controlling stake in its fibre network in Peru to U.S. buyout fund KKR, Expansion newspaper reported on Thursday, citing unidentified market sources.

Expansion did not provide an estimate of the stake’s value.

The sale is part of the company’s plan to reduce debt by selling assets and to partly fund hefty investments in infrastructure, the newspaper said.

A Telefonica spokesperson did not immediately respond to Reuters request for comment. KKR’s Spanish unit did not immediately return phone calls. Reuters