Millicom weighs potential bid for Telefónica Chile

Details: Manny Pham; Category: Operators; 08 January 2026; 4019 views

Latin America-focused operator Millicom is considering a possible acquisition of Telefónica’s Chilean unit, as the Spanish group continues to exit non-core markets, Bloomberg reported.

Sources cited by the news agency said no final decision has been taken and a formal bid has yet to be submitted. Telefónica has been pursuing a gradual retreat from most international markets since 2019, retaining a strategic focus on Brazil, Germany, Spain and the UK.

Millicom, which operates under the Tigo brand, has also streamlined its geographic footprint in recent years, exiting markets in Asia and Africa to concentrate on Latin America. The group has expanded its regional presence through acquisitions, including Telefónica’s operations in Ecuador and Uruguay in 2025.

Telefónica Chile has previously attracted interest from rivals Entel and América Móvil, with reports of a potential joint bid that was ultimately abandoned. An acquisition by Millicom would preserve Chile’s four-player mobile market structure, which has historically faced less regulatory resistance.

According to regulatory data cited by Bloomberg, Telefónica’s Movistar brand is the country’s second-largest operator with a 22.6% market share, behind market leader Entel.