TEF Telefonica SA

   By Nathan Allen 
 

Telefonica SA (TEF.MC) said Thursday that it has agreed to sell three Central American subsidiaries to Millicom International Cellular SA (TIGO) for $1.65 billion.

The Spanish telecom group said it will sell its Costa Rica business for 503 million euros ($570.7 million), the Panama business for EUR573 million and its Nicaragua business for EUR379 million.

Telefonica should book capital gains of around EUR800 million from the deal, it said.

The sale marks the disposal of Telefonica's last remaining Central American businesses, following the sale of its Guatemalan and El Salvadoran units in January.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

February 21, 2019 01:33 ET (06:33 GMT)

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