Brazil’s Telefonica sells cyber security firm for $20 million

SAO PAULO: Brazil’s telecom services provider Telefonica Brasil SA has sold its 100% stake in cyber-security firm Telefonica Ciberseguranca e Tecnologia do Brasil (CyberCo Brasil) to another company within the group, according to a securities filing on Tuesday.
The sale value was 116.4 million reais ($20.27 million) and the buyer of the stake was Telefonica Cybersecurity Tech, which is indirectly controlled by Spain’s Telefonica SA, the filing said.
As part of the deal, certain assets, contracts and staff had to be transferred from Telefonica Brasil to CyberCo Brasil, the seller said.