Spain's Telefonica sells Chile unit in Latin America pullout / Photo: © AFP
-
Trump says to make delayed China trip in 'five or six weeks'
-
Kompany warns of complacency as injury-hit Bayern host Atalanta
-
Larijani: Iran power player who rose then fell on winds of war
-
SAS cancels flights after fuel prices surge
-
New particle discovered by Large Hadron Collider
-
Lebanon says Israeli strikes kill soldiers, as shelters overflow
-
Van de Ven insists it's 'nonsense' to say players don't care about Spurs' plight
-
Argentina withdraws from World Health Organization
-
US Fed expected to keep rates steady as Iran war impact looms
-
Two men in Kenyan court for ant-smuggling
-
Cuba scrambles to restore power as Trump threatens takeover
-
War fuels fears of new oil crisis
-
Kerr 'frustrated' at six-figure sum owed to him by Johnson's failed Grand Slam Track
-
Senior US counterterrorism official resigns to protest Iran war
-
In shadow of Iran war, Gazans prepare for Eid
-
Oil prices climb as fresh strikes target infrastructure
-
Southern Lebanon paramedics risk deadly Israeli strikes to do their work
-
Len Deighton, spy novelist who created the anti-Bond
-
Barca Flick's 'last job' but not yet certain on renewal
-
Belgian diplomat ordered to stand trial over 1961 Congo leader murder
-
Pope says idea England 'weren't fussed' about the Ashes was tough to take
-
War threatens Gulf's dugongs, turtles and birds
-
Germany targets oil firms to prevent wartime price gouging
-
Chelsea striker Kerr sends Australia into Asian Cup final
-
'East meets West': KPop Demon Hunters brings global fans to Seoul's sites
-
Israel says killed Iran's security chief Larijani
-
EU to help reopen blocked oil pipeline in Ukraine
-
Thai eSports players sentenced over SEA Games cheating scandal
-
Nigeria suicide bombings kill 23, wound more than 100
-
Iran's Larijani, the man whose power grew during Mideast war
-
Millions of Indonesians in Eid travel exodus
-
Israel strikes Beirut suburbs as displacement shelters overflow
-
Hard-hitting Conway steers New Zealand to victory over South Africa
-
During Ramadan, Senegal's Baye Fall community lives to serve
-
Russian ballet banned for 'gay propaganda' gets new life in Berlin
-
Strikes shake Tehran as Trump presses allies to help in Mideast war
-
Malaysia hit with 3-0 forfeits to send Vietnam to Asian Cup
-
Rescue workers comb ruins of Kabul drug clinic after Pakistan strike
-
'Many dead': Wounded survivor escaped Kabul clinic strike
-
Belgian court decides on holding trial over 1961 Congo leader murder
-
Kabul drug rehab clinic in ruins after Pakistan strikes on Afghanistan
-
Israel strikes Tehran, Beirut as Iraq pulled deeper into Mideast war
-
Georgia ready for rugby elite despite rare Portugal defeat
-
Doncic leads Lakers to sixth straight win, Spurs sink Clippers
-
Iran 'negotiating' with FIFA over moving World Cup games to Mexico: embassy
-
Gavaskar condemns Indian-owned franchise for signing Pakistan bowler
-
Cash handouts, fare hikes as Philippines battles soaring fuel costs
-
Alleged Bondi Beach killer's mother received death threats, court told
-
Venezuela end Italy fairytale to reach World Baseball Classic final
-
Sweden's prisons prepare to house young teens
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.
G.Haefliger--VB
