Telefonica (TEF) has hired JPMorgan (JPM) to facilitate the sale of its Mexican operations, local media outlet Cinco Dias reported Friday, citing unnamed financial sources.

The company aims to complete the sale before its annual shareholders meeting in April or May, according to the report.

Telefonica received interest from five potential buyers for its Argentine business and wants to close it "as soon as possible", presumably before summer, local media outlet El Economista reported earlier this week.

Telefonica is also exploring to sell its majority stake in its Colombian unit to New York-listed Millicom, Reuters reported Friday.

JPMorgan declined to comment when asked by MT Newswires. Telefonica did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)