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Telefonica sells O2 Asia in MBO; asset was non-strategic - report

MADRID (Thomson Financial) - Telefonica SA has reached an agreement with O2 Asia managers to sell them the affiliate for an unspecified sum, Cinco Dias reported, citing a Telefonica internal communication.

The sale of the affiliate - which the newspaper quoted sources as saying has been loss-making since its formation - is in line with the telecommunication giant's plan to divest all non-strategic assets.

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