On Tuesday Spanish telecom giant Telefónica transferred almost 50 percent of the shares from its Peruvian subsidiary into the firm’s Latin American holding company, as part of an internal deal worth $1.5 billion.

The move led to Telefónica’s Peruvian unit shares to rise 10 percent, according to local newspaper Gestión.

Roberto Hoyle, chairman of Lima’s Stock Exchange (BVL), highlighted the importance of the deal.

"For us, this operation has been extremely important, because it is not only the record transaction of the year, but of our history," he said, according to Peru21.

In a statement the firm said the deal had been done for “internal reorganization purposes,” and said the deal “does not constitute a change in control at Telefónica del Peru.”

According to Reuters, the move is part of a broader plan, which would see Telefónica list up to 15 percent of Telefónica Latinoamerica Holding SL, the firm that groups together its Latin American assets from a dozen countries.

 

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