Reuters said that Telefonica has completed a restructuring of its O2 Germany business ahead of its planned initial public offering, with more than EUR4 billion of cash moved to the Spanish parent – although sources noted that this was always on the cards. The Europe and Latin America telecoms group is also reported to have struck an EUR1 billion deal to sell its Atento call centre business to US private equity firm Bain Capital, as it looks to cut its debt burden.