Telefonica, one of the largest telecommunications companies in the world, sold Antares, its insurance company in Spain, to Grupo Catalana Occidente for €161m. After the closing of this operation, Grupo Catalana Occidente will continue managing the insurance policies of the Telefonica Group exclusively for the next 10 years, and will integrate Antares employees into its workforce. The closing of the operation is subject to the pertinent regulatory approvals.