Entel to sell Peruvian operations to Millicom for US$1,714 million

Entel has agreed to sell its entire Peruvian operations to the Luxembourg-based group Millicom for an enterprise value of US$1,714 million. The agreement involves the sale of 100% of the shares of Entel Perú S.A. and Americatel Perú S.A. This move follows a period of growth for the subsidiary, which reported a mobile subscriber base of 10.49 million lines at the end of the third quarter of 2026. Entel Perú has seen its mobile subscriber base grow by 5% year-on-year.

Strategic shift and financial impact

The sale is expected to generate an extraordinary net profit of approximately CLP 98,000 million for the company. Entel has proposed an eventual dividend distribution of CLP 2,100 per share if the transaction is finalized. The company's board has scheduled an Extraordinary Shareholders' Meeting for November 30, 2026, to seek formal approval for the deal.

Antonio Büchi, the CEO of Entel, stated that "the decision aligns with a long-term strategy to strengthen the company's position in Chile and create shareholder value." The market responded positively to the announcement, as Entel's stock rose 10.84% during the trading day on November 13, 2026.

The Peruvian operations currently represent between 35% and 36% of the total revenue for Entel. While there are slight variations in reporting regarding the exact percentage of revenue contributed by the subsidiary, the business remains a significant part of the company's portfolio. In the first nine months of 2026, Entel Perú and Americatel Perú reported combined profits of CLP 15,712 million.

Market context and history

Entel first entered the Peruvian market in 2013 through the acquisition of Nextel Perú. According to Chilean media, the Peruvian operation was the second country in Latin America to have Starlink's Direct to Cell service in 2025. The Peruvian mobile market is substantial, with Osiptel reporting 20.96 million monthly rent-paying lines as of June 2026.

Millicom, the purchaser of the Peruvian assets, is a Luxembourg-based group that also owns Movistar Chile alongside NJJ Holding. The group operates in Latin America under the Tigo brand. Entel, which was formerly the state-owned Empresa Nacional de Telecomunicaciones before being privatized in 1992, now moves toward a more concentrated focus on its primary Chilean market.

Glossary

• Movistar Chile — Movistar Chile is a company that offers LTE network service. It is owned by the Luxembourg-based group Millicom alongside NJJ Holding.
• Extraordinary Shareholders' Meeting — A meeting scheduled by a company's board to seek formal approval for a deal. In this context, it is used to seek approval for a transaction.
• Osiptel — The telecom regulator in Peru. It reports on metrics such as the number of monthly rent-paying lines.
• NJJ Holding — A French holding company. It is a co-owner of Movistar Chile alongside Millicom.
• Tigo — A commercial brand used by the Millicom group to operate in Latin America.