BOGOTA, Aug 2 (Reuters) - Colombia’s government on Thursday offered to sell its 32.5 percent stake in Telefonica’s Coltel for 2.3 trillion pesos ($795 million), the finance ministry said in a statement.
The government’s 1,108,269,271 shares will be sold for 2,075.31 Colombian pesos each and will be on offer until Oct. 3.
Coltel operates under the brand name Movistar. Spain’s Telefonica bought a 50 percent plus one share stake in Coltel in 2006 for the equivalent of $369 million.
Then in 2012, the Spanish company invested $670 million in the struggling Coltel, increasing its stake.
$1 = 2,892.62 Colombian pesos Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb; Editing by Bernadette Baum