November 29, 2012 / 6:16 PM / 5 years ago

REFILE-Telefonica moves headquarters of Latam unit to Brazil

(removes reference in 4th graph to when holding company created)

* Senior Brazil executive says 100 workers coming to new HQ

* Telefonica considering IPO of Latam business to raise cash

SAO PAULO/MADRID, Nov 29 (Reuters) - Spain’s Telefonica SA said it will move the headquarters of its Latin American business to Brazil from Spain next year, transferring about 100 workers.

A spokeswoman confirmed the move on Thursday after it was revealed in comments made by the head of the company’s Brazilian unit on Wednesday.

Telefonica has said it is considering listing its Latin American businesses next year to raise cash to help pay down more than 50 billion euros ($64.5 billion) of debt.

The telecommunications group has already created a holding company for its Latin American assets, Telefonica Latinoamerica Holding.

Telefonica has shed a number of assets this year and successfully listed its German unit in October.

A Latin American listing would likely attract investors, as the region offers better growth prospects than Telefonica’s recession-hit home market, where one in four are unemployed.

$1 = 0.7746 euros Reporting by Brad Haynes and Clare Kane; Editing by Elaine Hardcastle

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