Telefonica’s sale of shares in its fibre optic network in Peru to investment fund KKR and Chilean telco Entel collapsed after the deal was announced in July 2023.
Entel stated that the deal fell through “due to the breach of certain closing conditions,” which were not specified in a stock exchange filing to the Peruvian bourse. A valuation of the proposed sale was not disclosed, but Telefonica had previously stated it would reduce debt by €200 million if the deal proceeded.
Telefonica said in a separate stock exchange filing that it is maintaining dialogue with the two companies. The firms outlined last year that the deal would involve Telefonica selling 54% of its fibre network shares to KKR and 10% to Entel.
Telefonica has been working over the past few years to sell assets to pay off its debts and fund capital expenditure-intensive 5G deployments.
