--Telefonica is planning to create a subsidiary in order to sell off its data-processing businesses, Spanish daily Cinco Dias reports, citing unnamed sources.

--The Spanish company will package its 25 data centers--currently spread out across Telefonica subsidiaries in nine countries--into a separate company that will then be fully or partially sold off as part of a wider plan by the telecommunications giant to pare down its debt, according to Cinco Dias.

--The divestment could generate up to 1 billion euros ($1.14 billion) that Telefonica would put toward reducing its debt pile of EUR42.63 billion, Cinco Dias says.

 

Full story: https://bit.ly/2DBejX6

 

Write to Barcelona editors at barcelonaeditors@dowjones.com

 

(END) Dow Jones Newswires

November 21, 2018 05:59 ET (10:59 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
Telefonica (NYSE:TEF)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Telefonica Charts.
Telefonica (NYSE:TEF)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Telefonica Charts.