Telefónica seeks buyer for operation in AL, except Brazil

The Spanish Company of Vivo, split up its operations in Latin America, except Brazil, to put them up for sale. The operator said yesterday that it is looking for investors for the bloc that brings together Argentina, Chile, Peru, Colombia, Mexico, Ecuador, Uruguay and Venezuela. According to José María Álvarez-Pallete, president of Telefónica, the Business Unit Latin America will have a separate management team from the entire company, commanded by Alfonso Gómez, who is currently responsible for the Northern Cone of Latin America. "We've done everything we could in Latin America and now we're looking for alliances or different combinations with companies. We need to change the way we do business [in the region] and find a sustainable formula to continue to be profitable and grow," Álvarez-Pallete said at a press conference in Madrid. Telefónica's strategy is to focus efforts on more consolidated markets, where it has leadership or strong presence, such as Spain, Brazil, Germany and the United Kingdom, worrying less about instability in the political and economic landscape of countries such as Venezuela, Colombia and Chile. The president said this discussion was opened so that the company remains profitable and creating value for shareholders in the long run. "If we want to be relevant [in the telecommunications market] we need to focus and [decide] on which markets we want to be relevant in a sustainable way."