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Telefonica Sells Stake in China Unicom

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Spain's Telefonica has sold a 1.51% stake in China Unicom, raising EUR322 million (USD356 million) for the debt laden company.

Telefonica said in a brief note that it still owns just under 1 percent of China Unicom following the sale.

Telefonica first acquired a stake in China Unicom in 2005, when it bought 2.99 per cent of the company and increased this to 5 percent later.

In the statement, the company said that the sale is part of it's proactive management of its asset portfolio and its mid-term deleveraging objective.

Telefonica maintains its commitment to the Strategic Alliance with China Unicom, recently strengthened through cooperation in digital areas such as the big data joint venture between both companies.

Telefonica has a debt pile of just under EUR50 billion.

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Tags: telefonica  china unicom