Telefonica sells El Salvador mobile phone unit in $144 million deal

Spain’s Telefonica (MC:TEF) said on Friday it had agreed to sell its mobile phone unit in El Salvador in a deal valued at $144 million.

It sold the business to General International Telecom, it said in a statement.

Telefonica owns a 60% stake in Telefonica Movil El Salvador through its Central American unit.

The sale is part of a wider Telefonica plan to reduce its debt by selling assets.