Telefonica struck a deal to sell its stake in e-book platform Nubico for an undisclosed sum, as the operator continues to execute a long-term strategy to transform its business.
Sweden-based book app Nextory, which operates across Europe, stated it agreed a deal with Telefonica and publishing group Grupo Planeta to take control of Nubico.
Telefonica owned the e-book service in a 50:50 partnership with Grupo Planeta since 2013. Nextory said it would maintain strong, strategic alliances with the pair.
Nextory’s acquisition makes Spain the ninth market for its book app. It said it will offer subscriptions in the country for users to access 300,000 audio- and e-books.
CEO and founder Shadi Bitar said the deal would advance its ambitious plans to expand internationally and puts it “on the global map”.
The deal comes shortly after Telefonica completed the sale of its tower unit Telxius, divesting assets in Europe and Latin America to America Tower.
Its sale of assets goes hand-in-hand with a strategy revamp announced at the end of 2019 to focus its attentions on core markets, and actively manage assets and businesses based on value creation.
However, it is unlikely the sale of Nubico will compare to the sale of Telxius, through which it was able to cut its net debt by billions.