Telefónica resumes the search for an investor for its technology subsidiary

by archynewsycom
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Telefónica has once again put on the table the entry of an investor in Telefónica Tech, its digital business subsidiary and the group’s fastest growing business. The move occurs a month after the company presents a new strategic plan where Tech is expected to play a key role.

According to Bloomberg, The group would look for a new partner to join the company at a valuation of 2,000 million euros in an operation that is in a preliminary phase.

This is not the first time that the operator has gone to the market to evaluate the appetite for this business unit. However, the group decided to abort the latest attempt to focus on integrating the companies it has been acquiring in recent years in the United Kingdom and Germany and maturing the company’s business.

Telefónica income almost 1.5 billion euros in 2022 and accumulated a turnover growth of 39.6% in the first half of the year (time of the latest data available).

The unit is focused on the provision of digital services to companies, with the cloud, cybersecurity and Internet of Things (IoT) as key areas. Among the particularities regarding the main business, it is found that its geographical footprint is larger than that of the traditional connectivity business.

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