Telefónica Downsizes its Business in Latin America and Focuses on Europe and Brazil

CEO José María Álvarez-Pallete will direct investments to the company's four main markets and is paving the way for the sale of Latin American subsidiaries in the face of geopolitical and currency instability.

RIO DE JANEIRO, BRAZIL - On Wednesday, November 27th, Telefónica announced a profound and quasi-revolutionary organizational change in its structure as a multinational group.

The operator will unify all its businesses in Latin America in a single independent subsidiary (spin off), with the purpose of selling it or taking it to the Stock Exchange, and will focus its investments in its four main markets (Spain, Brazil, Germany and the United Kingdom).

It will also set up a new subsidiary (Telefónica Tech) for digital services businesses such as cloud computing, cybersecurity and the Internet of Things (IoT), and an . . .

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