Telefónica sells Atento

Iñaki Ferreras | 13-12-2012

Spain's main telco Telefónica has closed the sale of its subsidiary Atento to a group of companies controlled by Bain Capital following the approval of the regulatory authorities.
The value of the transaction amounted to €1,051 million, including conditional deferred payment of €110 million and the granting by Telefónica of funding amounting to €110 million, reports Europa Press.
The company has estimated that this divestment reduces its debt by about €812 million at the time of closing the transaction. It also noted that this sale will lead to improvements in the company's debt in future years.
Last October, Telefónica reached an agreement for the sale of Atento totalling €1,039 million to the group of companies controlled by private equity fund Bain Capital, which counts among its founders the Republican politician Mitt Romney.
This move, together with the recent IPO of 23% of its German subsidiary, is part of Telefónica's policy of divesting non-core assets, in order to increase its financial flexibility and reduce debt.
The purchase of Atento has led to Bain Capital's first operation in Spain; it already has a presence in Europe, however, where it has offices in London and Munich.