Telefonica (TEF) reduces its net debt by €1.45B following a deal with the Colombian...

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

Telefonica (TEF) reduces its net debt by €1.45B following a deal with the Colombian government to merge its fixed-line and wireless units in the country. That's more than the €1.3B Telefonica had said would be cut from its debt mountain, which was €57.1B at the end of Q1. The accord leaves Telefonica with 70% of the new company and the government with 30%.