Business Joint acquisition

Millicom and NJJ Acquire Telefonica Chile

Analysis based on 8 articles · First reported Feb 10, 2026 · Last updated Feb 11, 2026

Sentiment

Attention

Articles

Market Impact

Direct

Live prominence charts, article sentiment distribution, and event development timeline available on the NewsDesk Dashboard

Market Impact

The telecommunications market in Chile is expected to become more competitive and efficient due to the joint acquisition by Millicom and NJJ Holding. This transaction allows Millicom to expand its strategic presence in South America while maintaining financial flexibility, potentially leading to increased investment and innovation in the region.

Telecommunications Investment

Event Summary

Millicom and NJJ Holding have jointly acquired 99.4% of Telefonica's Chilean telecommunications business. The transaction is structured as a 49%/51% partnership, with NJJ Holding holding the majority stake. Millicom will operate the acquired business from day one, aiming to stabilize and strengthen the asset. Telefonica will receive an initial payment of $50 million and potential earn-out consideration up to $150 million, and will contribute CLP 79 billion (approximately $92 million) to ensure balance sheet stability. The financial obligations of the acquired company are non-recourse to Millicom, protecting its balance sheet. Millicom has a call option to acquire NJJ's stake in years five and six, with NJJ having a reciprocal option if Millicom does not exercise.

Key Actions

100 Millicom acquired a stake in Telefonica's Chilean business Telefónica

95 NJJ Holding acquired a majority stake in Telefonica's Chilean business Telefónica

90 Telefónica divested its Chilean telecommunications operations Millicom

80 Millicom entered into a shareholders' agreement with NJJ Holding NJJ Holding

Entities Involved

stock

Millicom

Millicom, through a joint venture with NJJ, acquired Telefonica's Chilean operations. This strategic move expands Millicom's presence in South America while protecting its balance sheet due to the non-recourse nature of the acquired business's financial obligations. Millicom will operate the business from day one, aiming to stabilize and strengthen the asset.

Importance 100 Sentiment 70

priv

NJJ Holding

NJJ Holding, as the majority partner in the joint venture with Millicom, is acquiring Telefonica's Chilean business. This allows NJJ to expand its telecommunications investments globally, leveraging its strategic partnership with Millicom.

Importance 90 Sentiment 60

stock

Telefónica

Telefónica is divesting 99.4% of its Chilean telecommunications business to a joint venture between Millicom and NJJ. Telefónica will receive an initial payment of $50 million and potential earn-out consideration, and will contribute CLP 79 billion to ensure balance sheet stability at closing.

Importance 80 Sentiment 40

cnt

Chile

Chile's telecommunications market will see increased competition and investment due to the acquisition of Telefonica's operations by Millicom and NJJ. This is expected to enhance network quality and digital services in the country.

Importance 70 Sentiment 50

per

Xavier Niel

Xavier Niel, through his investment vehicle NJJ Holding, is a key player in the acquisition of Telefonica's Chilean operations. As the largest shareholder of Millicom, this transaction further solidifies his influence in the telecommunications sector.

Importance 50 Sentiment 60

per

Marcelo Benitez

Marcelo Benitez, CEO of Millicom, commented on the strategic importance of the acquisition, highlighting Millicom's disciplined approach to long-term value creation in Latin America and the benefits of partnering with NJJ.

Importance 30 Sentiment 60

Relationships

Millicom related ↔ NJJ Holding

Xavier Niel related ↔ Millicom

Marcelo Benitez related ↔ Millicom

Millicom related ↔ Telefónica

Millicom related ↔ Chile

NJJ Holding related ↔ Telefónica

NJJ Holding related ↔ Chile

Telefónica related ↔ Chile

NEWSDESK

Track this event live

Set up alerts, explore entity relationships, search across thousands of events, and build custom intelligence feeds.

Open Dashboard