JPMorgan Chase and Scotiabank have been appointed to advise OnNet Fibra’s shareholders on the divestment. Telefónica and KKR have started the sale of the company in Chile, with a potential valuation of between 1,500 and 2,000 million dollars. OnNet is Telefónica’s last operating asset in the country. Sources consulted do not expect a deal to close in 2026, placing the transaction in 2027.
The sale involves a wholesale network with nationwide coverage. OnNet Fibra operates more than 69,000 kilometres of network and reaches 5.2 million homes passed across Chile. After financial debt is deducted, the amount shareholders receive would fall below the enterprise value.
In 2021, KKR acquired 60% of OnNet in a deal that valued the entire company at approximately 1,000 million dollars, information from La Tercera. The new range of 1,500 to 2,000 million would represent a potential increase in the asset’s value, though the final amount will depend on debt and the terms of the transaction.
Chilean newspaper La Tercera first reported the news, describing the move as the start of a sale process, not a signed agreement. OnNet Fibra and KKR declined to comment on the discussions. Telefónica also offered no comment.
The process is at an early stage. La Tercera has not identified a selected buyer or a formal offer. Telefónica, KKR, OnNet and any regulator have yet to publicly confirm the transaction or its valuation.
KKR controls 60% of the shares, while Telefónica holds 40%. The US fund is the basic seller of a platform that operates as a neutral network, offering access to telecommunications and broadband operators.
Its customers include Entel and ClaroVTR, as well as Millicom and DirecTV. OnNet does not sell services directly to consumers. It provides infrastructure to other operators, separating the asset from the retail business Telefónica has already agreed to leave.
The sale of Telefónica Chile to Millicom did not include OnNet. Before transferring the retail business, Telefónica moved its 40% stake in the wholesale network to Inversiones Telefónica Internacional Holding for about 168,000 million Chilean pesos. The retail transaction’s closing terms included an initial payment of 50 million dollars and a deferred payment of 340 million, subject to Telefónica Chile’s results, information from BNamericas.
The Chile exit follows the agreement announced on February 10, 2026, to sell 100% of the local retail services subsidiary to Millicom Spain and NJJ Holding. An amount of approximately 1,215 million dollars was initially reported, but BNamericas detailed a structure with an initial payment of 50 million dollars and a deferred payment of 340 million, linked to Telefónica Chile’s performance.
Those payments do not necessarily equal the total value of the transaction. The structure also accounted for the company’s financial obligations, a basic distinction when comparing enterprise value with the cash going to shareholders.
At the end of 2025, Telefónica Chile’s net financial debt was estimated at 479 million euros, or approximately 568 million dollars, according to figures cited by BNamericas. That debt reduces the amount that could be available to OnNet’s owners.
OnNet Fibra began operating in 2021, after Telefónica Chile’s fixed infrastructure assets were separated and KKR acquired a 60% stake. In 2022, it expanded its network by buying Entel’s fibre infrastructure for 358 million dollars.
The transaction fits Telefónica’s plan to reduce its presence in Latin America and concentrate capital in Europe and Brazil. The group has already announced divestments in Argentina and Peru. It has also started exits in Ecuador and Uruguay, as well as in Colombia and Mexico.
BNamericas places the OnNet sale within a broader wave of consolidation in Latin America’s telecommunications market. The publication includes the transaction among several regional deals that could shape the sector over the coming months.
The amounts and timeline remain open. JPMorgan and Scotiabank have only just received the mandate to advise on the sale. No buyer has been confirmed, and sources consulted place the closing in 2027.
