Millicom in Advanced Negotiations to Acquire Entel's Peruvian Operations

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Entel is in advanced talks with Millicom to sell its Peruvian business, a move that could reshape market dynamics in Peru's telecom sector.

Chile-based telecommunications operator Entel has disclosed that it is engaged in advanced negotiations with Millicom regarding the potential sale of its business operations in Peru. This information confirms earlier reports from the Latin American business press.

Entel submitted a disclosure to Chile’s financial market regulator, the Comisión para el Mercado Financiero (CMF), indicating it has received a non-binding offer from Millicom for the Peruvian unit. This development was initially confidentially communicated to regulators in July.

While negotiations have progressed significantly, Entel emphasized that the sale remains subject to obtaining the necessary corporate approvals from all involved parties, as well as finalizing terms and formal documentation.

In Peru, Entel ranks as the second-largest mobile network operator by connections, holding approximately 9.7 million subscribers as of the third quarter of this year according to GSMA Intelligence. Competitors in the market include América Móvil’s Claro, Viettel’s Bitel, and Movistar, owned by Integratel, with 12.5 million, 9.4 million, and 8.8 million connections respectively.

Millicom’s interest in entering the Peruvian market aligns with statements made earlier this year by its Chief Financial Officer Bart Vanhaeren, who indicated ambitions for regional expansion during a financial results call.

If the acquisition is completed, it would mark another strategic step for Millicom in expanding its footprint across Latin America. Over the past two years, Millicom has acquired multiple assets from Telefónica, following the latter’s divestment of substantial parts of its operations in the region.

The potential transaction could alter competitive dynamics in Peru’s telecom sector, though both companies have yet to finalize the deal. Further corporate and regulatory approvals remain prerequisites for completion.