Telefónica responds to rumors of sale: “Conversations with potential investors have been held”

Given the rumors of a possible sale of its subsidiary in our country that contained some media, Telefónica del Perú Saa sent a letter to the Securities Market Superintendence (SMV) in which it recorded the request for information to its shareholder of control and your response in this regard.

According to the telecommunications company, conversations were held with potential investors as part of the evaluation of inorganic opportunities that permanently make their assets in Latin America, and “these have not had more development or relevance in relation to the transfer of their representative actions of the share capital of Telefónica del Perú SAA ”

In this way, the Telecommunications Company responded to the information that the Digital newspaper Vozapuli disseminated in relation to possible negotiations for the sale of its subsidiary in Peru that include meetings in Lima during the management of José María Álvarez-Pallete. In that line, the medium realized that the financial director of the Spanish company, Laura Abasolo, visited the Peruvian capital to talk with alleged buyers.

In addition, the headquarters of Telefónica In our country it presents a series of accumulated losses that could exceed 2,000 million euros. To this, the situation of legal insecurity in the country is added, which would be another of the factors to be determined in the alleged sale of its business in Peru.

The Republic contacted Telefónica del Perúbut they avoided giving statements about it. Through the communication to the SMV that carries the signature of its stock market representative Christiann Hudtwalcker, they decided to pronounce themselves.

Telefónica and a possible exit from the country

According to the Spanish digital media Vozopópuli, Telefónica would be evaluating the possibility of disinteering in its subsidiary in Peru. According to the report, this alleged decision could be promoted by the accumulated financial losses and by the legal conflicts that the company has maintained with the Peruvian government for more than twenty years.

And it is that its financial panorama faces a difficult moment. Their losses would reach 2,000 million euros and the measures to mitigate this situation have not worked. In addition, there are current legal disputes. The company made a demand for a total of 1,122 million euros, corresponding to damages linked to non -resolved tax taxes and provisions.

These controversies originate in the process of privatization of state companies Peruvian Telephone Companies (CPT) and Entel Peru, which were acquired by Telefónica in the 90s for an approximate value of 1.3 billion euros each. Simultaneously, the telecommunications company would be considering the possibility of hiring a CEO with experience in sales, acquisitions and liquidations to direct this transcendental operation.