Spain’s Telefónica is set sell the remaining 1% it still holds in China Unicom.
According to El Economista, the market valuation of the stake is around €270 million.
Quoting an ‘Intermediate Document’ recently sent by the telco to the regulator CNMV, it adds that, “Telefónica’s participation in China Unicom is classified as a financial asset available for sale”.
Having sold Argentina’s Telefe to Viacom for €360 million, disposing of the 1% stake in China Unicom would help Telefónica further reduce its debt.
Telefónica has already reduced its in the Chinese company, most recently by selling 361 million shares, equivalent to 1.51% of the company’s stock, in July this year.
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