(Reuters) – Spain’s largest phone company Telefonica (TEF.MC) said on Monday it had reduced its net debt by 1.45 billion euros ($1.8 billion)after an agreement between its Colombian subsidiary and the Colombian government.

The Spanish group had originally reported the deal would cut its debt by 1.3 billion euros. Telefonica reported net debt of 57.13 billion euros at the end of the first quarter.

The accord merges Telefonica Moviles Colombia and Colombia Telecomunicaciones leaving Telefonica with a 70 percent stake and the Colombian government 30 percent of the resulting company.

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