Telefonica considers £1bn market listing

TELEFONICA, the Spanish telecoms company that owns mobile network O2, is reported to be looking at a £1 billion stock market listing for Atento, its call centre arm.

However, Telefonica, which has been selling non-core assets to invest more capital in emerging markets, is understood to first want to beef up Atento with acquisitions.

It is believed the Spanish are talking with UK fashion retailer Next about acquiring Ventura, the British group's call centre division. Analysts say the business would fetch at least 50 million.