Telefónica has stepped up its plans to sell its Latin America assets, which includes its Mexican unit, according to reports.

Spanish newspaper Cinco Dias reported last week that the telco has commissioned JP Morgan and legal firm White&Case to accelerate plans to divest its unit in Mexico.

A sale is part of the Spanish carrier's plans to slim down its operations and focus on its key markets, including Spain, the UK, and Germany.

The plans to sell the Mexican subsidiary come as Telefónica continues to push for a sale of its Argentine unit, for which it attracted offers last month.

Telefónica is also actively negotiating with Milicom for its Colombian unit.

Of the three deals, the one in Colombia is closest to happening at present, reports Cinco Dias.

The carrier has previously divested units in Central America and has been keen to reduce its business in Latin America since 2019, under previous CEO José María Álvarez-Pallete.

Millicom International Cellular, another Latin American-focused telco, acquired Telefónica's Panamanian, Costa Rican, and Nicaraguan mobile units in 2019 for a combined $1.6 billion.

Telefónica appointed Marc Murtra as its new executive last month.

The carrier, which operates under the Movistar brand, is the second-biggest telco in Mexico, with more than 25 million customers.

Telefónica's Peruvian unit is also filing for insolvency after the company was unable to find a suitable suitor.