Telefonica SA (TEF) said Tuesday its Hispanoamerica unit agreed to sell its entire stake in its Mexican operations to Melisa Acquisition for $450 million, subject to adjustments.

The regional operations are comprised of the Pegaso PCS and Celular de Telefonia units, and the purchasing entity is a consortium led by OXIO and Newfoundland Capital Management, the company said.

The transaction value remains subject to relevant regulatory approvals and aligns with the company's plans to leave the region, Telefonica said.