Telefónica Plans IPO For Colombian Division
News: Spain-based telecoms group Telefónica plans to offer a minority holding in its Colombian division through an IPO as it seeks to cut at least EUR4.3bn (US$5.6bn) in net debt during 2013, according to unnamed sources. Telefónica, which holds a 70% stake in the unit, had halted an IPO for all of its Latin American assets. The Spanish operator needs to obtain approval from the Colombian government, which holds the remaining 30% stake. The operator could be able to generate as much as EUR500mn (US$651.16mn) by selling up to 19% of its Colombian subsidiary.