Telefonica (Neutral, €5.0, +21%) Exiting Peru in value-accretive move
Yesterday Telefonica announced a further step forward with its Latam restructuring with the sale for €1m of Telefonica Peru, which had recently entered into insolvency proceedings and we think has negative equity value.Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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