08:41 AM EDT, 10/31/2025 (MT Newswires) -- Telefonica's ( TEF ) subsidiary, Telefonica Hispanoamerica, has transferred 100% of the share capital of Otecel to Millicom Spain for $380 million, the company said in a Friday filing with the US Securities and Exchange Commission.

The sale reduces Telefonica Group's net financial debt by about 273 million euros ($315.6 million), the company said.

Shares of the company were down nearly 3% in recent Friday premarket activity.