Telefonica to Sell Nearly Half of China Unicom Stake
June 15, 2012
Telefonica announced on June 10, 2012 that the company will sell 4.56% of its stake in China Unicom back to the Chinese telecom operator, according to a report by the Wall Street Journal. Telefonica plans to sell more than 1.07 billion shares back to China Unicom, and the deal is valued at 1.13 billion euro (US$1.43 billion; US$1=0.79 euro). Transaction is slated for complete no later than July 31, 2012 and Telefonica will still own 5.01% of China Unicom. Telefonica's move is reported to be part of its effort to cut debt.