After expanding to many European and Latin American countries during the 1990s and 2000s, Telefonica turned around its strategy to focus on four key markets: Spain, the United Kingdom, Germany, and Brazil. Telefonica is divesting or restructuring its Latin American operations (except Brazil) and selling infrastructure assets such as towers or noncore fiber networks, and intends to use the proceeds to reduce debt. Marc Murtra, CEO since 2025, is pushing for market consolidation across Europe, a move we look favorably upon, although we don't have high hopes from a regulatory perspective.