Telefónica, the Spanish telecommunications group, said on Tuesday it had agreed to sell its 32.2 per cent stake in Medi Telecom of Morocco as a part of joint €800m divestment with Portugal Telecom.

The Portuguese group, which is Telefónica’s partner in Vivo of Brazil, will also sell its 32.2 per cent stake in Méditel, which is Morocco’s second-largest telecoms company.