Telefónica said on Tuesday it was considering selling its
phone-directory unit, TPI, a move that sparked speculation that the
proceeds might be used for more acquisitions. Its 60 per cent stake in
TPI is worth about €1.8bn. Standard & Poor’s lowered Telefónica’s
credit rating to BBB+ from A- last month, in line with Moody’s Baa1
grade. The rating is the third lowest investment grade and the lowest
ever for Telefónica.
This decision does not surprise, TPIs
business is soon going to compete against Internet giants: Windows Live
Local, Google Local, and Yahoo Local! On the other hand, TPIs search
efforts (Noxtrum.com) have not worked out either.
imagine who would be interested in acquiring TPI given this situation
and the global reach of TPIs operations. Maybe TelMex could buy the
LatAm part and someone else in Europe the European operations?