Renta 4 | Telefónica HispAm, 100% owned by Telefónica, has sold the 99.3% stake it held in Telefónica del Perú to Integra Tec International.
Furthermore, and as part of the agreement, Telefónica HispAm has sold to Integra the tax credits of up to €39 million that the former granted to Telefónica del Perú in February due to its financial restructuring.
The sale price of its stake and the credits is approximately €900 thousand at the current exchange rate.
Integra has committed to launch a public tender offer for the minority shareholders of Telefónica del Perú (0.7% of the capital).
Assessment: Expected news, although we considered that the complex situation Telefónica del Perú is going through would have taken longer to complete the sale. We recall that in February, Telefónica del Perú entered into insolvency proceedings and is in a dispute with the country’s tax authorities, who are claiming more than €600 million. The sale price, only €900,000, is consistent with the difficult situation Telefónica del Perú is experiencing and is far from our valuation (€528 million), although this operation allows Telefónica to significantly reduce risk. Target Price: $4.50. HOLD.
