Further rumours of Telefonica cutting its presence in Latin America emerged in the Spanish press, with its unit in Mexico reportedly now up for sale alongside its businesses in Argentina and Colombia.

Cinco Dias reported the operator group appointed investment specialist JP Morgan and a legal company to help it sell the unit in Mexico, rumours which follow hot on the heels of speculation about the future of its business in Argentina.

Alongside reports of those two potential exits, Telefonica has a non-binding Memorandum of Understanding in place with Millicom to potentially offload its business in Colombia.

The newspaper reported Telefonica hoped to be able to agree to a sale in one of the countries before its next shareholder meeting, which generally happens during Q2.

Exits from these markets would greatly decrease its HispAm business, which currently counts the trio of nations alongside Chile, Ecuador, Uruguay, Venezuela and Peru as its operating countries.

Elsewhere in the Americas, Telefonica operates in Brazil, though at a group level this is classified as a standalone business.  

In 2022 it sold-up in El Salvador, having exited Costa Rica in the previous year, two of a number of divestments which had already cut its presence in Latin America.