Telefonica (TEF -1.2%), which has 323M subscribers worldwide (254M mobile), will offer Akamai's (AKAM -4.5%) CDN services to its enterprise clients. The companies will also partner to develop products/services in areas such as media optimization, mobile, and emerging markets solutions.
The partnership will initially focus on Spain and Latin America - Telefonica has a large presence in each region - with plans to expand elsewhere in time.
Akamai has already formed alliances with AT&T and Orange, aiming to expand its reseller base and prevent carriers looking to offer CDN services from turning into rivals. Those efforts took a hit last fall when Verizon (an Akamai partner) bought CDN owner EdgeCast.
Akamai has sold off after opening higher.