“Entel recibió, con fecha 29 de junio de 2026, una oferta no vinculante de compra por la totalidad de las acciones emitidas por sus filiales Entel Perú S.A. y Americatel Perú S.A., la cual fue formulada por Millicom International Cellular,” informó la firma a la Comisión para el Mercado Financiero (CMF), según un hecho esencial firmado por el gerente general Antonio Büchi.
Empresa Nacional de Telecomunicaciones (Entel) initiated steps to evaluate the sale of its entire Peruvian operation, contracting an investment bank to identify potential buyers. The process opens a new phase in the local telecommunications market, where the company operates as the second-largest mobile provider with 10.5 million customers, according to data from Diario Financiero and RPP Noticias.
The potential divestment arrives while the Peruvian subsidiary records improving financial indicators. Between January and September 2026, local revenues reached US$923.8 million, marking a 7% increase compared to the same period in 2025, as reported by RPP Noticias and El Comercio Perú.
Strategic Takeaways for Regional Telecom Investors
- Unsolicited Bid: Millicom submitted a non-binding offer on June 29, 2026, for Entel Perú and Americatel Perú, according to an official filing signed by Entel general manager Antonio Büchi.
- Financial Performance: Entel Perú reported revenues of US$923.8 million for the first nine months of 2026, alongside a 12.6% increase in EBITDA to reach US$246.7 million.
- Acquisition Context: The move aligns with Millicom’s broader regional expansion following asset purchases from Telefónica in Uruguay, Ecuador, and Chile.
Entel Mantiene El Tercer Lugar Del Mercado Peruano Con Ganancias Crecientes
Entel entered the Peruvian market in 2013 following the acquisition of Nextel assets. De acuerdo a una presentación de inversionistas que realizó Entel, el market share en el país vecino era de 24% en el segmento móvil a junio, con lo cual es el tercer actor más relevante del mercado, o segundo lugar con 10.5 millones de clientes como señaló Entel.
The subsidiary’s profitability metrics showed gains through the third quarter of 2026. EBITDA for the first nine months climbed 12.6% to reach US$246.7 million, while the EBITDA margin expanded from 25.4% to 26.7%, according to RPP Noticias. Para este 2026, la compañía anunció un plan de inversiones de $197 mil millones en Perú, impulsado por el despliegue del 5G y el crecimiento en el mercado de internet fija.
| Financial Metric (Jan–Sep 2026) | Peruvian Subsidiary Value | YoY Comparison / Detail |
|---|---|---|
| Total Revenues | US$923.8 million | +7% increase vs. prior year period |
| EBITDA | US$246.7 million | +12.6% increase |
| EBITDA Margin | 26.7% | Improved from 25.4% |
| Mobile Subscriber Base | 10.49 million clients | Includes 5.41 million postpaid voice lines |
Millicom Regional Expansion Strategy
The potential acquisition of Entel Perú by Millicom International Cellular coincides with an aggressive regional rollout under its Tigo brand. In 2025, the Luxembourg-based group acquired Movistar operations in Uruguay for US$440 million and Ecuador for US$380 million, as reported by Diario Financiero and El Comercio Perú.
The expansion continued in February 2026, when Millicom partnered with holding NNJ to acquire Telefónica’s Chilean operation for approximately US$1.215 billion. In April 2026, the company finalized the purchase of Cotel in Colombia from Telefónica and the Colombian state, incorporating 8.3 million mobile customers.
During a quarterly earnings call, Millicom chief financial officer Bart Vanhaeren identified Peru and Venezuela as adjacent market opportunities, though the company ultimately ruled out Venezuela due to capital controls and exchange restrictions.
Posibles Razones Detrás De La Evaluación De La Venta De Entel
Industry sources cited by Diario Financiero and El Comercio Perú suggest two primary hypotheses behind Entel’s evaluation of the sale. The first points to a corporate need to generate liquidity to finance asset acquisitions in Chile and expand home fiber-optic networks. The second involves major shareholder Almendral—controlled 32.59% by the Matte group—potentially seeking capital via dividend withdrawals to fund investments in forestry conglomerate CMPC.
“Actualmente, no es posible definir con certeza los efectos que la potencial transacción tendría en los resultados de Entel, entre otras razones, porque no existe certidumbre respecto a su materialización,” said the company in its official filing to the CMF reported by La Tercera.
Sin perjuicio que las negociaciones entre las partes se encuentran avanzadas, la eventual materialización de la potencial transacción se encuentra sujeta a la obtención de las autorizaciones corporativas de las partes y la negociación y acuerdo de los términos y condiciones definitivos entre Entel y Millicom.
