Telefónica was sold for 3.7 million Peruvian soles (approximately 900,000 euros) to the Argentine company Integral International its branch in Peru, which was in creditors and had a debt of approximately 1,240 million euros at the end of 2024.
«Today Telefónica Latin America, 100% owned by Telefónica (Telefónica HISPAM), holds all the shares held in Telefónica del Perú (Telefón del Perú, representing approximately 99.3% of its capital, to integrate TEC International,» says the information published by the National Securities Market Commission (CNMV) on Sunday night.
On February 14, Telefónica del Perú voluntarily filed for bankruptcy with the aim of addressing restructuring and financial operations.
«With regard to the request made by Telefónica del Perú for voluntary assistance in a regular bankruptcy procedure, it is reported that, as of today, the process is continuing, awaiting indices (National Institute for the Defense of Competition and Protection of Intellectual Property),» adds the CNMV.
In this context, Telefónica Latin America granted a commercial loan to the Peruvian branch of up to 1,549 million Peruvian soles, approximately 370 million euros at current exchange rates, to maintain operations and reach a solution, although the funds would only meet the operational cash needs.
Thus, the operation with the Argentine Company includes the fact that Telefónica Hispam has sold the financial credits granted to Telefónica del Perú.
«Both parties have agreed to maintain the total amount of the loan of 1,549 million soles (approximately 370 million euros) available to Telefónica in Peru), whose payments will be made partially by HISPAM and partially by TEC Telefónica,» said the Peruvian branch of Telefónica in a statement.
In this sense, the acquisition of the Peruvian branch by the Spanish remote TEC will maintain the focus «on ensuring uninterrupted service» of telecommunications services to around 13 million customers of the company in urban and rural areas, indicated Telefónica.
As with the sale of its Argentine subsidiary for approximately 1.2 billion euros to Clarín Media Group, which took place at the end of February last year, the operation to sell the Peruvian subsidiary is already signed and closed.
«Integral has committed to launch a public offer for the acquisition of shares concerning all minority shareholders of Telefónica del Perú, owners of approximately 0.7% of its share capital, in accordance with Peruvian securities market regulations,» adds the statement sent to CNMV.
The operation is part of Telefónica’s strategy to reduce its exposure to Latin America and add to the sales of its subsidiaries in Argentina and Colombia.
Regarding the price of the operation, which does not reach one million euros, it was determined to «take into account the situation of Telefónica del Perú and the context of the agreement reached.»
«The new shareholder (referring to Integral) has extensive experience in Latin America, in telecommunications, public services, media, energy, chemical and natural resources, as well as in the recovery of companies in financial difficulties and special situations,» adds Telefónica del Perú in its statement.
New President: Germán Ranftl
«The objectives of the new shareholder are the maintenance and extension of the service, the restructuring of the Company’s debt within the creditors, and the establishment of a sustainable business plan with a solid capital structure. It is proposed that the integral TEC of TEC work amicably with the creditors, suppliers, workers, the government of Peru, and all parties related to Telefónica del Perú,» adds the text of the statement.
In this line, the Argentine company appointed the new president of Telefónica del Perú to manage the restructuring process in Germán Ranftl, the CFO of Edenor, the main electricity distributor in Argentina.
«To support the stability of the operation, the new shareholder has the current management team of Telefónica, led by Elena Maestre,» adds.
On the other hand, the operation implies the indirect transfer of control over the shares that Telefónica del Perú has in the Rural Internet Operator (IPT).
Telefónica began operating in Peru in 1994 and, as the company emphasized, in these 31 years it contributed to the country’s development and actively accompanied its transformation.
«Telefónica del Perú was a key player in the integration of the territory, connecting various Peruvians, promoting digitalization and reaffirming its commitment to progress on a daily basis. Through connection initiatives, digital education, and technological renewal programs, it managed to reduce gaps and generate greater opportunities for society as a whole.»
