Entel Puts Peruvian Mobile Operations With 10.5 Million Customers up for Sale
Entel has hired an investment bank to sell its Peruvian mobile operations, which serve 10,5 million customers.
The Chilean telecommunications company entered the Peruvian market in 2013 by acquiring Nextel. Today, it stands as the country’s second-largest mobile operator.
Despite years of heavy capital expenditure and tight margins, the subsidiary now displays solid financial numbers. Between January and September, revenues reached US$923,8 million, marking a 7% increase compared to the same period in 2025.
The mobile business grew by 6,8%, driven by equipment sales rising 10,9% and service revenue climbing 4,9%, while the fixed segment advanced 5,6%. Ebitda rose 12,6% to US$246,7 million, with the margin expanding from 25,4% to 26,7%. Meanwhile, Capex totaled US$139 million, up 10,9% and representing 15% of total revenues.
Industry sources point to two primary theses behind the sale of a well-performing asset. The parent company may be raising cash to acquire an asset in Chile to expand its home fiber-optics footprint, or the Matte group—which holds a 32,59% stake in Almendral—might be securing funds via dividend withdrawals to finance investments in CMPC.
Market reports indicate that initial approaches have already involved Millicom. The Luxembourg-based group operates under the Tigo brand and counts French businessman Xavier Niel as its principal shareholder. Through his vehicle Atlas Investissement, Niel controls roughly 46% of Millicom.
Millicom currently lacks operations in Peru but has aggressively expanded across South America by purchasing assets from Telefónica. The company acquired Movistar Uruguay for US$440 million and Movistar Ecuador for US$380 million, alongside advancing toward the takeover of Movistar Colombia.
Acquiring Entel’s Peruvian unit would provide Millicom with a direct entry point into one of the region’s major markets. This potential move coincides with a broader industry reshuffle following Telefónica’s local sale to Integra Tec.
During the company’s latest conference with shareholders, CFO Bart Vanhaeren addressed regional opportunities. He said that they view “Peru and Venezuela as a sound strategy.”
The executive explicitly ruled out an entry into Venezuela, explaining that several capital-flight control mechanisms remain in place, especially related to the US dollar, making it a difficult investment. He also dismissed Brazil as too large, citing a distinct culture, limited synergies, and EBITDA margins already at 50%. Mexico is also not necessarily among the firm’s priorities.
With those three destinations removed from consideration, Millicom’s remaining expansion targets in Latin America include Argentina, Cuba, the Dominican Republic, Haiti, and Peru.