Even though the most critical connections are human connections, times are changing, and technology is becoming more present in people’s lives. And Telefonica (NYSE: TEF) believes that it’s people who give meaning to technology. The company strives to offer these connections and digitize the entire society. Hence, it quickly aligns with the United Nations 2030 Agenda, which outlines the crucial role of innovation, technology, and communication in addressing humanity’s significant challenges. 

In its commitment to continue offering valuable solutions, the company has vowed to sell its assets to reduce its debts. The sale includes the 6.2 billion euro sale of its Telxius mobile tower masts to American Tower, which happened earlier this year. In addition, by selling a controlling stake in its optic fiber network in Colombia, the Spanish telecom operator anticipates cutting its debt by 200 million euros. And in return, it can buy out fund KKR subject to regulatory approvals. 

Like its European rivals, Telefonica has Faced Growth Issues

The company’s fiber network in Colombia has a value of around $500 million. However, just like hundreds of businesses, the operator faced growth challenges from the impact of the pandemic. Hence, it is quickly seeking partnerships and investors for its other businesses. It serves more than 344 million clients in 13 countries.

The most recent renewal of its alliance with CAF is banco de desarrollo de América Latina, which runs until 2022. It aims to catalyze this post-COVID scenario by creating public-private consortiums to promote economic and social recovery. In addition, the alliance supports the use of digital infrastructures and technologies and is also expected to accelerate the accomplishment of the 2030 Agenda significantly. 

Meanwhile, it is continuously transforming its DNA by renewing itself. It has deployed new 5G networks, phasing out copper, has commoditized fiber, and diversified its business models with new technologies. Its new identity also includes flexibility and simplicity to be more modern.