Telefonica (TEF -0.6%) says it plans to float an IPO for its German unit by year's end, as the...

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

Telefonica (TEF -0.6%) says it plans to float an IPO for its German unit by year's end, as the European/Latin American carrier tries to reduce its giant debt load. The move has been expected for some time. During its Q2 earnings call, Telefonica claimed a German IPO would also serve to "highlight the value of such an asset." Telefonica estimates it had 16.4% of the German mobile market in Q2, and claims the division's revenue rose 6.9% Y/Y.