Telefonica's (TEF) subsidiary, Telefonica Hispanoamerica, has transferred 100% of the share capital of Otecel to Millicom Spain for $380 million, the company said in a Friday filing with the US Securities and Exchange Commission.
The sale reduces Telefonica Group's net financial debt by about 273 million euros ($315.6 million), the company said.
Shares of the company were down nearly 3% in recent Friday premarket activity.
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