Spain's Telefonica sells Chile unit in Latin America pullout / Photo: © AFP
-
Pope defends migrants at Mediterranean island frontier
-
France face Philly furnace as World Cup last 16 gets under way
-
Pope to defend migrants at Mediterranean island frontier
-
Australia goalkeepers were in dark about World Cup shootout switch
-
US turns 250 as Trump warns of 'attack' on American identity
-
Billboards, cologne and flowers: Turkish capital gets NATO makeover
-
Feels like 'victory': Cape Verde celebrates heroic World Cup defeat
-
Trump says American identity under 'renewed attack' as US turns 250
-
Haaland's stetson, Cape Verde's pride: World Cup last-32 moments
-
World Cup serves up Wimbledon dilemma: football or tennis?
-
Colombia overcome Ghana to reach World Cup last-16
-
Huge crowds gather as Khamenei funeral ceremonies begin in Iran
-
Cape Verde show anything is possible at World Cup with 'big hearts'
-
Trump set for Mount Rushmore address as US turns 250
-
Huge crowds gather as Khamenei funeral ceremonies open in Iran
-
New species of ghost shark may have been found in Costa Rica
-
Mass protests expected as German far-right AfD meets
-
Argentina advance after Cape Verde World Cup scare, Egypt through
-
Argentina survive Cape Verde scare to reach World Cup last 16
-
Huge crowds expected as Khamenei funeral ceremonies open in Iran
-
England v Mexico World Cup game kickoff time unchanged: FIFA
-
Swift and Kelce marry as global stars swarm 'royal wedding'
-
McDonald's, bus station convert into Venezuela quake clinics
-
Hurdles record-breaker Tharp says 'sky's the limit'
-
'Super typhoon' Bavi heads for US Pacific islands
-
Salah says 'had to do it' after coolest of penalties in World Cup win
-
England seek end to Australia agony in Women's World Cup final
-
Australia's Popovic on defensive as gamble fails in World Cup exit
-
President-elect Fujimori hails 'new chapter' for Peru
-
Maiden ton for Udara as Sri Lanka pile on the runs in 2nd Test
-
Global celebrities pay court at Swift, Kelce "royal wedding"
-
Norway pin hopes on Haaland against Brazil in World Cup last 16
-
Dangerous heat wave roasts America's big birthday party
-
Egypt down Australia to reach World Cup last 16, Cape Verde face Messi
-
Egypt edge Australia on penalties to reach World Cup last 16
-
Families demand help with recovering Venezuela's quake victims
-
France braced for extreme heat threat in World Cup clash with Paraguay
-
England's Rashford unfazed by high-altitude Mexico World Cup test
-
Iranians begin to gather for Khamenei funeral ceremonies
-
In Brazil, Bolsonaro family airs feud ahead of elections
-
England v Mexico World Cup kickoff could be moved earlier: source
-
Postecoglou links up with Ronaldo at Al Nassr
-
Frustrated families demand recovery of Venezuela's earthquake dead
-
Sabalenka sets up Wimbledon last-16 clash with Osaka
-
Williams sisters return, Swiatek faces Eala test at Wimbledon
-
Dangerous heatwave hits peak temps along US east coast
-
'Ecstatic' Hamilton rolls back the years with Silverstone pole
-
LeBron's agent makes case for 10 new clubs for 41-year-old star
-
England enter World Cup lion's den as Mexico host them at Azteca fortress
-
Trump heads for Mount Rushmore as US turns 250
Spain's Telefonica sells Chile unit in Latin America pullout
Spanish telecoms giant Telefonica announced the sale of its Chilean unit for $1.2 billion on Tuesday in its push to leave Latin America and concentrate on core markets elsewhere.
Once a jewel in the crown of public Spanish companies, debt-laden and loss-making Telefonica has adopted a strategic shift focusing on Britain, Germany, Spain and Brazil.
Its subsidiary Inversiones Telefonica Internacional Holding transferred all of Telefonica Chile's capital to French holding company NJJ Holding and Luxembourg-based telecoms operator Millicom, the company said in a statement submitted to Spain's stock market regulator.
An additional payment of $150 million was possible "depending on the possible occurrence of certain events in the Chilean telecommunications market", the statement added.
The transaction lengthens a list of Latin American divestments in recent years including Colombia, Argentina, Peru, Costa Rica and Guatemala.
The company booked a net loss of 1.08 billion euros ($1.3 billion) between January and September 2025, weighed down by losses linked to asset sales in Latin America.
Telefonica Chile's debt stood at 479 million euros at the end of last year.
A voluntary departure plan is set to shed at least 4,500 jobs in Spain, around one quarter of Telefonica's workforce in the country.
M.Odermatt--BTB
