MADRID, Spain-Telefonica Moviles, one of the leaders in the Latin American wireless industry, said it will acquire 100 percent of the shares of Chilean operator Telefonica Movil Chile from Compania de Telecomunicaciones de Chile for $1 billion. The Spanish carrier currently has a 43.6-percent stake in CTC and has managed its mobile unit since 2000.
Telefonica Moviles will also assume the Chilean operator’s debt, which stood at $243 million at the end of March. The deal, which was approved by the board of directors of Telefonica CTC Chile, requires the approval of CTC shareholders.
Telefonica Movile Chile is the country’s second-largest operator after Entel.
Telefonica Movile is in the process of acquiring BellSouth Corp.’s Latin American wireless assets, including BellSouth’s Chilean mobile subsidiary, which will put it on par with Mexican-based America Movil in the Latin American mobile market.
