Telefonica announces sales of Isle of Man affiliate
Spanish telecommunications giant Telefonica announced on Friday the sale of its affiliate based in the Isle of Man for 190 million euros, part of a plan to dispose of non-strategic assets.
It signed a deal to sell Manx Telecom to private equity firm HgCapital and telecoms management group CPS Partners "for 158.8 million pounds (190 million euros at current exchange rate)", the company said in a statement.
Manx Telecom is the main telecoms provider is British crown dependency in the Irish Sea.
"This deal underlines Telefonica's commitment to maintain financial discipline and forms part of the company's policy of divesting iteself of non-strategic assets to concentrate on more important markets," it said.
Telefonica is moving to boost its presence in Brazil, and has offered 5.7 to 6.5 billion euros (6.9 to 7.7 billion dollars) to acquire the 50 percent of Portugal Telecom unit Brasilcel it does not already own.
© 2010 AFP