According to information reported by El Mundo, a Spanish newspaper, a holding of Latin American businessmen has contacted Telefónica because it is interested in acquiring a 51% stake in the telecommunication company’s autonomous unit managing business in Spanish-speaking Latin America. The transaction would involve EUR 10 billion (USD 11.1 billion). Last November Telefónica’s Executive President José María Álvarez-Pallete announced that there would be a spin-off of the company’s assets in Latin America but Brazil would be excluded.

“The bid comes from Colombia, representing a group of very powerful Latin American businessmen,” adds the Spanish newspaper’s report. The proposal contemplates quotation on the Stock Exchange. The remaining 49% would be owned by small shareholders and Telefónica, which would keep a 20-25% stake.

Negotiations are being conducted by Cremades & Calvo Sotelo’s Colombian Unit, on behalf of the holding.

Telefónica currently owns Pay TV, Internet and fixed and mobile telephony assets in Latin America in Argentina, Uruguay, Chile, Peru, Ecuador, Mexico, Colombia, Venezuela and Brazil. Brazil, however, has been excluded from the spin-off.