Telefonica (TEF) is eyeing a sale of its Venezuelan unit, Bloomberg reported Friday, citing unnamed people familiar with the matter.

The telecommunications company aims to exit the South American nation within a year, but unload the asset only with the approval of the US and Venezuelan governments, the report said.

The company has already been approached by potential buyers, the report said.

Telefonica did not immediately respond to MT Newswires' request for comment.

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