Telefónica has reportedly hired Citi as an adviser to sell its Chilean business unit.

As reported by El Confidencial earlier this week, Telefónica CEO Marc Murtra has commissioned the sale, which could bring in €1 billion ($1.12bn).

The same Spanish publication last week reported that the carrier is poised to layoff between 4,000 and 5,000 staff in Spain.

The report comes a month after the Spanish telco sold its Peruvian unit for less than $1 million to Integra TecInternational Inc (Integra Tec), taking a huge hit on the $2bn the company spent to acquire the company back in 1994.

Earlier this year, the carrier reached an agreement to sell its Colombian unit for $400m to Millicom International Cellular.

In February, Telefónica struck a deal to sell its Argentinian unit to Telecom Argentina for $1.2bn, while it has also stepped up plans to sell its Mexican unit.

The Spanish carrier has been looking to consolidate its operations in Latin America since 2019 in a bid to cut overall debt and reduce exposure to currency swings.

Millicom acquired Telefónica’s Panamanian, Costa Rican, and Nicaraguan mobile units in 2019 for a combined $1.6bn.

Telefónica is currently looking to drive efficiencies in its home market, and focus on its key European markets, including the UK and Germany.

Murtra, who has only been in charge of the company for a few months, is currently carrying out a strategic review at the company.