Spanish telecoms giant Telefónica has struck a deal to sell its Argentinian unit to Telecom Argentina for $1.245 billion. It follows reports last month that the carrier was in talks with both international and domestic suitors for the business.

MADRID (Reuters) -Spanish telecoms company Telefonica has sold its unit in Argentina for $1.245 billion to Telecom Argentina as part of its strategy to gradually reduce its exposure to Latin America,

Telefonica SA agreed on Monday to sell its operations in Argentina to local firm Telecom Argentina SA for $1.25 billion, though President Javier Milei immediately warned his government would review the transaction as a possible monopoly.