Telefónica divests its Peruvian operation

Telefónica has taken another step in its Latin American exit strategy and sold its Peruvian operation to Argentine group Integra Tec. 

The deal follows the sale of Telefónica Argentina to Telecom Argentina and the signing of a definitive agreement to sell Telefónica Colombia to Millicom's Tigo. 

"You should expect from us to continue exploring value creation alternatives for our Hispam operations," CFO and head of Telefónica Hispanoamérica, Laura Abasolo, said in February.

The Peruvian transaction is valued at 3.7mn soles (US$1mn) and was completed on Sunday. It also includes the transfer of Telefónica del Perú's shares in rural operator Internet para Todos.

Telefónica Argentina was sold for US$1.25bn and the agreement in Colombia is valued at US$400mn.

Integra Tec also acquired from Telefónica Hispam the financial credit against Telefónica del Perú related to a February facility agreement that is part of the voluntarily filed bankruptcy process. 

Both parties have agreed to keep the total undrawn amount of the 1.55bn-sol loan at Telefónica del Perú's disposal, with disbursement to be made in part by Telefónica Hispam and in part by Integra Tec.

The insolvency procedure is pending approval of antitrust regulator Indecopi. 

The buyer has committed to launch a public tender offer for shares to all minority shareholders of Telefónica del Perú, holding approximately 0.7% of share capital.

Integra Tec is part of Integra, an investment group with a portfolio of companies in the media and telecoms, energy and mining areas. 

Germán Ranftl, CFO of Argentine energy company Edenor, was appointed chairman and leader of the restructuring process. Elena Maestre will remain Telefónica del Perú's executive president. 

"The entry of this new investor is an opportunity to deepen and accelerate the plans and objectives we have in place, especially the modernization of our mobile network and the transformation of our broadband business to fiber. The company's primary responsibility to the country, our employees, and our creditors remains ensuring the continuity of the service, now under the control of Integra Tec," Maestre posted on social media. 

Last year, Telefónica announced the modernization of 5,000 mobile radio base stations. 

The new shareholder's objectives are to maintain and expand the service, restructure the company's debt within the framework of the restructuring process and establish a business plan with a solid capital structure.

Market position

In 2024, Telefónica del Perú accumulated revenues of 6bn soles, 7% lower than in 2023, and lost 3.4bn soles.

The company led the fixed fiber optics market with 1mn customers, a 44% increase compared to 2023. 

Telefónica added 1.2mn homes with fiber accesses in 2024, bringing the total to 4.5mn.

In fiber broadband, Telefónica led with 31.8% market share, compared to 31.1% in December 2023. WOW held 20.5%, up 1.55 percentage points, and Win 20.4%, according to latest data by regulator Osiptel.

Claro had 13.7%, MiFibra 4.01%, the group made up of Fiberlux, Fiberlux Tech and Fiberline 2.64%, P&D Telecom 2.05% and other companies 4.91%.

In the mobile segment, Claro was ahead with 30%, slightly increasing the share it had in 2023. Telefónica had 26.5%, down from 27.5%, Entel 22.6%, up from 22.5%, and Viettel 20.5%, up from 19.5%.