August 2, 2018 / 2:53 PM / 3 months ago

Colombia offers to sell stake in Telefonica's Coltel for $795 mln

BOGOTA, Aug 2 (Reuters) - Colombia’s government on Thursday offered to sell its 32.5 percent stake in Telefonica’s Coltel for 2.3 trillion pesos ($795 million), the finance ministry said in a statement.

The government’s 1,108,269,271 shares will be sold for 2,075.31 Colombian pesos each and will be on offer until Oct. 3.

Coltel operates under the brand name Movistar. Spain’s Telefonica bought a 50 percent plus one share stake in Coltel in 2006 for the equivalent of $369 million.

Then in 2012, the Spanish company invested $670 million in the struggling Coltel, increasing its stake.

$1 = 2,892.62 Colombian pesos Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb; Editing by Bernadette Baum

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below