Spanish telecoms group Telefonica is reportedly working with UBS and JP Morgan Chase & Co to prepare an initial public offering (IPO) of its German unit, Bloomberg cites people with knowledge of the plans as saying. Telefonica, which is struggling to cut its debt burden amid falling revenue and profit in its domestic market, is looking to raise as much as EUR1.5 billion (USD1.8 billion) from the sale of a potential 20% stake in Telefonica Germany (O2), according to the unnamed sources. The company plans to hold the sale this year, although the final size will depend on demand, the person said.
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OVETEL Telefonica selects banks for German IPO, report says
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