Spanish telecom giant Telefonica has reportedly hired investment bank JPMorgan to facilitate the sale of its Mexican business, according to a report by Spanish newspaper Cinco Dias. The sale is expected to be completed before Telefonica’s annual shareholders meeting, typically held in April or May.

Telefonica has not officially commented on the report, and JPMorgan has yet to respond to requests for confirmation. The move aligns with Telefonica’s broader strategy of divesting assets in Latin America to reduce debt and fund investments in 5G mobile networks.

This follows recent reports that Telefonica is also selling its Argentine business and a majority stake in its Colombian unit to New York-listed Millicom. The company has been actively restructuring its operations, including the unexpected replacement of CEO Jose Maria Alvarez-Pallete last month.