Telefonica seeks buyer for submarine cable business
Telefónica [NYSE:TEF] has mandated JPMorgan Chase & Co to seek a buyer for its submarine cable business, Expansion reported without citing sources. According to the Spanish-language business paper, the business reports EBITDA close to EUR 200m and could be valued at around EUR 1.5bn.
The Spain-based telecoms company is studying alternatives to the sale of its subsidiary in the United Kingdom if the EUR 14bn deal with rival Three in the country (owned by Hong Kong's Hutchison) is frustrated, because of EC regulatory demands.
Expansion