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RIO DE JANEIRO, BRAZIL - Spanish telecomunication giant Telefonica appears set to continue its retreat from Latin America as it stepped up a move to sell its Movistar subsidiary in Chile, as part of an ongoing restructuring plan, El Economista reported.

According to sources speaking to the business publication, Telefonica has been working with Citi and Morgan Stanley for more than a year to find buyers for its assets in Latin America, and it appears its business in Chile is next up on the chopping block.

Liberty Latin America, which secured a deal for Telefonica’s mobile business in Costa Rica . . .

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