Telefonica SA

Telefonica is the incumbent fixed-line and wireless telephone operator in Spain. It has the second-most wireless subscribers in the United Kingdom, and with the acquisition of E-Plus, it is the largest wireless operator in Germany. It has substantial fixed-line and wireless assets in Latin America, including being the largest telecom operator in Brazil, where 65% of its customers reside. However, they only provide about 45% of its revenue and EBITDA. Telefonica is a leader in convergence, where it cross sells fixed-line and wireless telephone services. It is the leader in Spain, which may be the country furthest along in this process. Increasingly, the firm is taking this strategy into Latin America.