Spanish telecoms giant Telefónica is pushing to revive efforts to sell its Telxius subsea cable business.

El Confidencial reports that Telefónica and Pontegadea, the other main shareholder in Telxius, have tasked JP Morgan and Guggenheim with finding a buyer for the unit.

It's not the first time that Telefónica has looked to sell the unit, with the carrier previously failing to find a buyer five years ago.

Sources told the Spanish newspaper that Telefónica and Pontegadea could value Telxius at around €1.2 billion ($1.37bn).

Telefónica holds a majority stake of 70 percent in Telxius, while Pontegadea, which is the investment vehicle of Spanish billionaire Amancio Ortega, owns the remaining 30 percent.

Telefónica previously sought €2bn ($2.29bn) back in 2020, though it couldn't finalize a deal despite interest from I Squared, EQT, and Cerberus. I Squared had offered €1.6bn ($1.83bn), but a deal could not be reached.

Three years later, Telefónica and Pontegadea then acquired KKR's 40 percent stake in Telxius for €215.7 million ($246m), significantly less than the €1.275bn ($1.46bn) KKR paid for the same stake in 2017. During this time, Telxius sold off its tower business to American Tower.

Telxius operates a subsea cable network spanning more than 100,000km (62,137 miles) and connecting 100 PoPs. It also operates several cable landing stations and data centers, including in Virginia Beach and Bilbao.

For Telefónica, a possible deal to sell the unit would become the company's latest divestment following several exits from Latin America in the past 18 months. The telco 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.