The Spanish multinational Telefónica is about to complete its strategic exit from Latin America, in the absence of closing the one in Venezuela, with a process of selling its subsidiaries that began in 2019 and that reported income of around 6,000 million dollars.
With the sale announced this Wednesday of its subsidiary in Mexico, Telefónica completed the penultimate operation of a strategy that began in 2019 with a plan that involved strengthening its four main markets (Spain, Germany, the United Kingdom and Brazil) and exiting Latin America, as reported by the operator at the time.
The seventh sale in the Murtra stage
Telefónica announced this Wednesday its departure from Mexico, the seventh sale that Marc Murtra has closed since he became president of the company a year ago, when the business in the region still accounted for a fifth of the multinational’s income.
It has already left Argentina, Peru, Ecuador, Uruguay, Chile and Colombia, with the idea of advancing in the execution of its plan to reduce its exposure in non-strategic markets and become a company with greater European ambition.
Telefónica also plans to leave Venezuela in this disinvestment process, a roadmap that it maintains despite the departure of Nicolás Maduro from the country.
Thus, it is about to put the finishing touch to an initial strategy promoted by former president César Alierta, who wanted to position the operator as the first telecommunications company in the Spanish-speaking world.
In its accounts, Telefónica does not detail the business in Venezuela, where it is estimated that it may have just over 40% of the business in the country and where in 2025 it obtained revenues that did not reach 300 million euros.
Divestitures since 2019
YEAR 2026.- Mexico.- April 8.- Telefónica has announced the sale of 100% of its shares to Melisa Acquisition, a consortium led by Oxio and Newfoundland Capital Management, for 450 million dollars.
Chili: On February 10, 2026, Telefónica signed and closed the sale of 100% of its subsidiary in Chile to the French NJJ Holding and Millicom Spain for up to 1,365 million dollars, with a fixed amount of 1,215 million and an additional payment of 150 million conditional on certain events in the Chilean telecommunications market.
YEAR 2025.- Uruguay: On October 7, it announced that it had transferred 100% of the share capital of Telefónica Móviles de Uruguay to the company Millicom Spain for 440 million dollars.
Ecuador: On June 13, it reported the agreement to sell all of its shares in Otecel SA (Telefónica Ecuador) to Millicom Spain for 380 million dollars, an operation that was closed on October 30.
Peru: On April 13, it announced the sale of Telefónica Perú to Integra Tec International Inc. for 900,000 euros (3.7 million soles). This included a goodwill loan that Telefónica Hispam gave to Telefónica Perú of 394 million (1,549 million soles) to meet its cash needs derived from the bankruptcy proceedings initiated by the operator.
Colombia: On March 13, it reported an agreement to sell its shares in the subsidiary Colombia Telecomunicaciones (Coltel), representing 67.5% of its share capital, to Millicom Spain. This closed in February 2026 for $214 million.
Argentina: On January 24, it signs and closes the sale of its Argentine subsidiary to Telecom Argentina, owned by Grupo Clarín, for 1,245 million dollars.
YEAR 2021.- Costa Rica: On August 9, Telefónica reports that it closed the sale of its Costa Rican subsidiary to Liberty Latin America for $538 million.
El Salvador: On October 15, it reached an agreement with General International Telecom (GIT) for the sale of its subsidiary in El Salvador for 144 million dollars.
YEAR 2019.- Panama: On February 20, 2019, Telefónica Centroamérica, of which the Spanish company Telefónica owns 60%, concluded the transfer of the share capital of its subsidiary Telefónica Móviles Panamá to a subsidiary of the Millicom group for 594 million.
Nicaragua: On May 16, the Spanish multinational Telefónica completed the sale of its subsidiary in Nicaragua to the mobile telephone operator Millicom International Cellular for 437 million.
Guatemala: On January 24, it announced the sale to its competitor América Móvil, controlled by Mexican billionaire Carlos Slim, for 333 million.
