Spanish telecommunications group Telefónica has agreed to sell its Mexican operations for $450m to Melisa Acquisition.

The buyer is a consortium led by US-based telecom-as-a-service provider OXIO, alongside Newfoundland Capital Management.

Telefónica will divest its entire stake in Pegaso PCS and Celular de Telefonía, operating collectively as Telefónica Mexico, through its subsidiary Telefónica Hispanoamérica.

In its statement, the company said: “This transaction is part of the Telefónica Group’s asset portfolio management policy and is aligned with its strategy of exit from Hispanoamerica.”

The final consideration will be adjusted following customary post-closing mechanisms.

The disposal follows recent Telefónica divestments in Latin America.

In February 2026, its subsidiary Inversiones Telefónica Internacional Holding sold 100% of Telefónica Móviles Chile to NJJ Holding and Millicom Spain in a $1.21bn deal, with up to $150m in additional payments, including $50m paid at closing and $340m deferred based on performance.

As of 31 December 2025, Telefónica Chile reported net financial debt of €479m ($560.25m). 

Earlier this year, Telefónica also confirmed the sale of its 67.5% stake in Colombia Telecomunicaciones to Millicom Colombia Holdings after meeting regulatory approvals and other conditions.

In its latest financial results, Telefónica reported quarterly revenues of €9.17bn and full-year 2025 revenues of €35.12bn, marking a 1.5% increase in constant terms.

The company also highlighted improved performance in the final quarter, with adjusted EBITDA rising 2.8% and adjusted operating cash flow after leases (OpCFaL) increasing 12.9% on a constant basis.

As of 31 December 2025, the group’s net financial debt totalled €26.82bn.