Telefonica SA (TEF) said Friday it had agreed to sell Isle of Man's Manx Telecom for GBP158.8 million to private equity firm HgCapital and telecoms firm CPS Partners.

In a press release, Telefonica said the sale of Manx Telecom was part of a series of non-strategic assets and was in line with its policies of "financial discipline."

Manx Telecom is Isle of Man's most-important telecommunications and Internet provider, Telefonica said.

Company Web site: www.telefonica.com

-By Jason Sinclair, Dow Jones Newswires, 34 913958127, jason.sinclair@dowjones.com
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