Telefonica SA, facing challenges in the intended sales of its assets following Brexit, is planning to sell off a stake in China Unicom (Hong Kong) Ltd. to collect as much as $367 million.
Today marks the beginning of the sale of 361.8m shares and the stock is currently priced from HK$7.75 to HK$7.85 apiece, as stated by the terms of the deal. The agreement has dictated for all stock on offer according to people privy to the matter.
Telefonica is under threat having its credit rating downgraded if the carrier doesn’t emerge with a clear strategy to lower debt by the end of the year, Moody’s Corp. analyst Carlos Winzer stated last month.
Bank of America is overseeing the sale of shares in an unprecedented weekend deal.
The material has been provided by InstaForex Company – www.instaforex.com