Spanish telco Telefónica is reportedly in exclusive talks to sell its Mexican operations to Dubai-based investment firm Beyond One as part of ongoing push to exit underperforming Latin American markets and refocus on its core geographies, Reuters reports, citing three sources it says are familiar with the matter. The Mexican unit is valued at around EUR 520 mn (USD 609 mn), citing a note from Kepler Cheuvreux from June.

Who’s Beyond One? The firm is a subsidiary of DIFC-based asset manager PrioraManagement Holding, which is owned by Swiss businessman Remo Stoffel. The firm owns Virgin Mobile Middle East and Africa and Virgin Mobile Latin America, which has operations in Mexico and Colombia, as of 2023, according to its website.

The transaction — which is still uncertain — could face delays amid regulatory uncertainty, as Mexico weighs the creation of a new antitrust body with expanded powers over telecoms transactions, the news outlet said.

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