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Telefonica completes sale of Irish unit for 850m euros

Spanish telecoms giant Telefonica said on Tuesday it has completed the sale of its Irish subsidiary to Hong Kong's Hutchison Whampoa for 850 million euros (US$1.2 billion).

MADRID: Spanish telecoms giant Telefonica said on Tuesday it has completed the sale of its Irish subsidiary to Hong Kong's Hutchison Whampoa for 850 million euros (US$1.2 billion).

"The total deal amounted to 850 million euros, including an initial cash payment of 780 million" that has been received, and a suplementary 70 million euro instalment, Telefonica said in a statement to the Spanish exchange.

Telefonica announced the deal last year as part of efforts to lower its debt burden but it only received EU approval in May. The European Commission had been worried that the deal would remove an important competitor from the Irish market to the disadvantage of consumers.

Hutchison Whampoa is a global ports-to-telecoms conglomerate with operations in more than 50 countries.

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