Telefónica wants to sell close to half its stake in China Unicom, the Chinese mobile operator, for as much as $875m, as the Spanish group rebuilds its financial position ahead of potential deals in Latin America.
The telecoms group has set out terms to sell 597.8m shares in China’s second-largest carrier for between HK$11.14 and HK$11.34, which is at a slight discount to the last closing price for the company.
The sale, which would raise $859m to $875m, will almost halve Telefónica’s 5 per cent stake in the business. Telefónica declined to comment on the sale.
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