Telefonica (TEF) has agreed to sell its Irish subsidiary to Hutchison Whampoa for up to €850M as...

|About: Telefonica S.A. (TEF)|By:, SA News Editor

Telefonica (TEF) has agreed to sell its Irish subsidiary to Hutchison Whampoa for up to €850M as the Spanish company continues to shed assets. Hutchison will pay €780M in cash and an additional €70M in milestones. The money will help Telefonica meet its target of cutting its debt to under €47B by the end of the year from €51.2B. One question is whether the deal will get antitrust approval given that Hutchison already owns Three Ireland, the third-largest mobile phone operator in the country. (PR)