Telefónica is considering a sale of its Venezuelan unit in the next year.

As reported by Bloomberg, the Spanish telecoms giant could exit the market after 35 years, as the company continues its Latin America exodus.

In the past 18 months, Telefónica has exited several other Latin American markets, including Colombia, Chile, Ecuador, Peru, and Uruguay, while deals to exit from Argentina and Mexico have also been agreed as the company prioritizes its European focus.

And Venezuela could be next, as Bloomberg reports that the company wants to leave the country in the next 12 months, but is waiting for more favorable conditions before an exit.

The report further notes that Telefónica has received unsolicited approaches from potential buyers, but any deal will only be done with the backing of the US and Venezuelan administrations.

Preliminary talks are said to have taken place between the carrier and Miami-based private equity firm Latin America Real Assets Opportunities (LARA) Fund.

Telefónica has been operating in Venezuela since 1991 and has close to nine million mobile subscribers as part of its Movistar brand.

For Telefónica, an exit is inevitable as the company continues to focus on its Spanish, UK, German, and Brazilian markets. The carrier had operated in 14 markets in the Spanish-speaking regions of Latin America as of 2019, though this is down to three now.