Telefónica CEO Marc Murtra has said the company wants to explore M&A opportunities in Europe as the telco continues to slim down in Latin America.

In an interview with Reuters, Murtra noted that Telefónica is looking to carve out deals in Germany, the UK, Spain, and Brazil.

Murtra is in the middle of preparing the company’s strategic review, his first, since joining the telco back in January.

While the company has downsized its footprint considerably across Latin America this year, Murtra has outlined several times this year that Europe and Brazil will be the focus for the telco.

He told Reuters that European consolidation will also be essential for the continent to compete with the likes of the US and China.

“If Europe wants strategic autonomy and technology, we’re going to have to have large or titanic European technology operators,” Murtra told Reuters.

“I don’t want to be overly dramatic, but imagine a Europe where the satellite systems, the hyperscalers, and artificial intelligence are in the hands of tech bros – and this could happen.”

A key part of this centers around M&A, Murtra notes.

Reuters reports that potential targets could include Vodafone Spain, with Spanish press recently reporting Telefónica was considering a takeover of the telco. Other targets could include 1&1 in Germany, or even a 50 percent stake in Virgin Media O2 held by its partner Liberty.

Proceeds from the various sales of other units will be used to carve out some of these deals.

Earlier this year, the carrier sold its Colombian unit for $400m to Millicom. Just last month, Telefónica also confirmed plans to sell its Ecuadorian unit to Millicom Spain for $380m.

Telefónica sold its Peruvian unit for less than $1m to Integra TecInternational Inc (Integra Tec), taking a huge hit on the $2 billion the company spent to acquire the company back in 1994. In April, Spanish publication El Confidencial reported that Telefónica has hired Citi as an adviser to sell its Chilean business unit.

In February, Telefónica struck a deal to sell its Argentinian unit to Telecom Argentina for $1.2bn.