The Spanish company Telephone took a new step in its withdrawal from Latin America by announcing this Tuesday the sale of its subsidiary in Chili by US$1,215 million (some 1,030 million euros).
The operation marks another milestone in the progressive exit of a region that for years was considered strategic for the group.
According to the company, 100% of the share capital of Telefónica Móviles Chile SA. was transferred to NJJ Holding and Millicom Spain SL. The signing and closing of the transaction were carried out simultaneously, in line with the “Latin American exit strategy” defined by the operator.
In recent years, Telefónica has been divesting assets in the region, with sales in Guatemala, Costa Rica, Colombia and Peruamong other markets. The movement responds to a portfolio reorganization process and the need to reduce debt in a demanding financial context.
The company, which seeks to position itself as a relevant player in the European technology sector, has set accumulated savings objectives of up to 2,800 million euros in 2028 and 3,000 million in 2030. As part of this plan, at the end of 2025 it announced a program that contemplates the departure of at least 4,500 employees.
Telefónica currently employs nearly 100,000 people around the world and has decided to concentrate its activity in four priority markets: Spain, Germany, the United Kingdom and Brazil. The Spanish State maintains a 10% stake in the company, which was privatized in 1997.
With the sale of its operation in Chile, the group reinforces its commitment to a more focused model and advances in redefining its global presence, leaving behind a period of strong expansion in Latin America.
