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Telefonica’s net debt cut $1.8 billion by Colombia deal

(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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Written by Rico

Rico

"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes TodayColombia.com. Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!