CHILE · BUSINESS
Key Facts
- The parties Entel is a Chilean telecom group; Millicom is a Luxembourg-based mobile group with the Tigo brand.
- What happened Entel signed a deal on Friday 13 November 2026 to sell 100% of Entel Peru to Millicom.
- The price The deal values the business at US$1.714 billion, including lease liabilities, or 5.3 times core earnings.
- Next step Shareholders vote Monday 30 November 2026; a dividend of 2,100 pesos (US$2.11) a share is proposed.
- Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 62.9 points (November 2026 edition).
Chilean telecom group Entel agreed on Friday 13 November 2026 to sell its entire Peruvian business to Millicom, a Luxembourg-based mobile group that runs the Tigo brand. The deal values Entel Peru at US$1.714 billion, according to the announcement from Entel.
For US readers, the sale reshapes a company that investors across Latin America watch, and it hands Millicom, which is listed on Nasdaq in New York, a new market of more than 10 million customers. It also continues a reshuffle of Latin American phone companies, because Millicom and NJJ, the investment holding of French entrepreneur Xavier Niel, bought Telefónica’s Chilean business in February.
Our earlier report on Entel’s search for a buyer covered the first step. The signed agreement now puts a price on it.
What Happened
Entel signed the sale agreement on Friday 13 November 2026. It covers 100% of the shares of Entel Peru S.A. and Americatel Peru S.A., two Entel companies that make up the Peruvian business.
The price is an enterprise value of US$1.714 billion, meaning the value of the business including its lease liabilities. In pesos that is about 1.70 trillion, which implies about 994 pesos per US dollar, the rate used for every conversion below.
The price equals 5.3 times the business’s EBITDA over the 12 months to June 2026, or 5.0 times Millicom’s estimate for 2026. EBITDA is core earnings before interest, tax, depreciation and amortisation.
Entel expects an extraordinary net gain of about 98 billion pesos (about US$99 million) from the sale. Its board will propose a dividend of 2,100 pesos (about US$2.11) per share, but only if the sale is completed.
Millicom will pay 65% at closing, 10% after one year and 25% after 18 months. Closing is expected in early December 2026.
What Entel Is Selling
Entel entered Peru in 2013 by buying Nextel Peru, a mobile operator. Today the unit has just over 10 million customers and accounts for about 36% of Entel’s group revenue.
In 2023 the unit became the second-largest operator in Peru by mobile service revenue. Millicom does not operate in Peru today, so the purchase is its entry into a new market.
What Chief Executive Antonio Büchi Says
Antonio Büchi, Entel’s chief executive, said the sale fits a long-term strategy to strengthen Entel’s position in Chile. He said the company will focus on home internet, digital services and related businesses where it has the greatest competitive advantages.
Millicom says the purchase takes it into Peru and, with that, into 13 markets across Latin America. Entel says the sale lets it concentrate on Chile.
How Entel Shares Reacted
Entel shares closed at 5,050 pesos (about US$5.08) on Friday 13 November, up 12.2% on the day. That is 24% above the close of 4,060 pesos on Wednesday 11 November, two days earlier.
The proposed dividend of 2,100 pesos equals about 42% of Friday’s closing price. It depends on the sale closing, and shareholders decide at the 30 November meeting.
What It Means for You
For US investors, the sale shows a Chilean company giving up its foreign arm for cash and a possible dividend. Entel says the aim is a sharper focus on Chile.
For Millicom shareholders, it is a bet that a large Peruvian customer base can sit alongside its recent Chilean purchase. Phone customers in Peru will see a new owner once the deal closes, and the brands and prices they face afterwards have not been announced.
What Is Not Known
It is not known whether Peruvian regulators must also approve the sale, because the announcements name only shareholder approval and unspecified closing conditions. Closing is expected in early December but depends on those conditions.
Millicom says it will fund the purchase from its own cash and local financing, but the exact mix is not public. Nor is it known how Entel will use the cash beyond the proposed dividend.
More: Chile news in English, every day from The Rio Times.
Frequently Asked Questions
Who Is Buying Entel Peru?
Millicom, a Luxembourg-based mobile group that runs the Tigo brand, agreed on Friday 13 November 2026 to buy 100% of Entel Peru and Americatel Peru. Millicom does not operate in Peru today.
How Much Is Millicom Paying?
The deal values the business at US$1.714 billion, which includes lease liabilities. That equals 5.3 times its core earnings over the 12 months to June 2026.
When Will Shareholders Decide?
Entel shareholders vote at an extraordinary meeting on Monday 30 November 2026. Closing is expected in early December 2026.
Will Entel Pay a Dividend?
The board will propose 2,100 pesos (about US$2.11) per share, but only if the sale is completed. Shareholders decide on it at the 30 November meeting.
Sources: Entel, announcement of the sale of Entel Peru, 13 November 2026; Millicom, announcement of the acquisition, 13 November 2026; Chile’s financial market regulator (CMF), company disclosures, 13 November 2026; Santiago Stock Exchange closing prices of 11 and 13 November 2026, from a financial data provider.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error