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c. Since his appointment, Murtra has initiated significant strategic moves, including the $1.2 billion sale of Telefónica's Argentina business. Telefónica, currently valued at €24 billion but burdened with nearly €29billion in debt, seeks to participate in European telecoms mergers to enhance the continent's "strategic autonomy" and reduce reliance on US technology. Murtra plans to focus the company on its core telecommunications strengths and explore growth in cybersecurity. He has launched a strategic review to be completed later this year and upholds the goal of reducing the company's Latin American operations. Backers of Murtra's appointment include the Spanish government and Saudi's STC, which owns nearly 10 percent of Telefónica. The European telecom market's inefficiency due to the abundance of medium-sized operators is noted, with Murtra emphasizing the need for larger companies to ensure technological and industrial capacity.
This strategic shift reflects Telefónica's commitment to strengthening its position within Europe and reducing its exposure to volatile markets. The focus on cybersecurity aligns with the growing demand for secure digital services across the continent.
Murtra's leadership is expected to drive Telefónica toward greater consolidation in the European telecom sector, potentially leading to more robust and competitive entities capable of challenging US tech dominance.
