After years of failures, Telefónica has gradually left Latin America. Peru has come directly running

Telefónica has sold its subsidiary in Peru to Argentina integrates Tec for 900,000 euros, As announced by Teleco. An almost symbolic price, but also an end point to one of its greatest headaches in Latin America. The operation includes the sale of 99.3% of unpaid financial shares and credits.

Why is it important. This operation represents more than a divestment. It is a surgical cut. Telefónica reduces your exhibition in a market with strong regulatory instability, unsolved tax conflicts –still claims 1,122 million to the Peruvian state– and a chronic operational deterioration.

Between the lines. Telefónica has not made a sale, has signed a release. The business in Peru accumulated a debt of more than 1.2 billion euros and registered losses of 872 million only in 2024. Its subsidiary was in creditors and the perspectives were increasingly worse.

In detail:

• Integra assumes the debt and launches an OPA for the remaining 0.7%.
• The pending credit (394 million euros) will be partially disbursed by both parties.
• Operational continuity is guaranteed for 13 million customers.
• The creditors’ contest is still underway, now led by Integra.

The backdrop. Peru is not an isolated case. Telefónica has already left Argentina and Colombia among other countries in the continent. And in a hurry.

The strategy is clear: retire from Latin Americaexcept Brazil, before years of diminishing profitability. The focus moves to Europe and more foreseeable markets.

Yes, but. Although it relieves a dead weight, Telefónica does not escape unharmed. The fiscal litigation in Ciadi is still open. The reputation has been touched after years of inaction and frustrated promises of restructuring. And the departure price – which costs an apartment in Arganzuela – briefs.

In perspective. Telefónica Peru was, for decades, a jewel of its international expansion. Now it is a symbol of the decomposition of a model that failed to adapt or resist. Close this chapter in Peru weighs more in the strategy than in accounting.

Now it remains to check if this turn is enough to clean up the group’s balance, although Pallete reduced his debt in half… or if there are more uncomfortable chapters to write.

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