Telefónica has taken the first steps toward selling 20% of its German branch. Although the telecom company announced its intention to wrap up the deal during the last quarter of the year, it may launch sooner.
To carry out the deal, Telefónica will count on the services of four major banks: Bank of America, BNP Paribas, Citigroup and HSBC. Telefónica hopes to raise between 1 and 1.5 billion euros.
This amount will help the company reduce their debt burden. In their strategy to do so, divestments will factor highly.
Analysts forecast that Telefónica?s financial position will improve in 2013, which will also influence their credit rating.
