Telecommunications giant Telefónica has reached an agreement with Melisa Acquisition, LLC, a consortium led by OXIO Inc. and Newfoundland Capital Management, to sell its Mexican subsidiary for $450 million.

The agreement between Telefónica and Melisa Acquisition is part of the sale process of Telefónica Mexico and remains subject to the fulfillment of certain conditions agreed upon by the parties and the approval of regulatory authorities, such as the Telecommunications Regulatory Commission and the National Antitrust Commission. Melisa Acquisition has agreed to purchase the entirety of Pegaso PCS, SA de CV and Celular de Telefonía, SA de CV, the parent companies of Movistar Mexico. 

According to the company, "the value of the transaction for Telefónica México is $450 million, or approximately 389 million euros at the current exchange rate, and the corresponding price will be subject to the usual adjustments for this type of transaction."