Telefonica has completed the sale of a 4.56% stake in China Unicom Hong Kong to parent company, China United Network Communication Group, for HK$10.748bn (€1.142bn or US$1.386bn).
The Spanish telecoms group, executing a broad-ranging strategy to cut…
Telefonica has completed the sale of a 4.56% stake in China Unicom Hong Kong to parent company, China United Network Communication Group, for HK$10.748bn (€1.142bn or US$1.386bn).
The Spanish telecoms group, executing a broad-ranging strategy to cut debt and improve liquidity, said in a regulatory filing today that, having obtained the requisite regulatory approvals, the sale of its 1,073,777,121 shares in the mobile operator has closed.
Announcing the planned sale on 10 June, Telefonica said it formed “part of the proactive management of its asset portfolio”.
Telefonica retains a 5.01% stake in China Unicom and has said it remains fully committed to its strategic agreement with the company.
In Europe, the group is preparing to launch an IPO for its German unit, O2 Germany, in the fourth quarter and is also close to selling its Spanish call centre Atento.
