Millicom linked with Telefonica Chile move

Millicom has joined the list of companies weighing a bid for Telefonica’s Chilean operation, according to Bloomberg sources. The Latin America-focused operator group has reportedly signalled interest, though there is no guarantee it will submit a formal offer.

A deal would give Millicom its first mobile foothold in Chile and extend a buying streak that already includes Telefonica units in Uruguay and Ecuador, with a Colombia transaction still pending regulatory approval. Telefonica is running a strategic review of its Chile business that could lead to a sale. Other possible bidders include America Movil and Entel, which previously explored a joint, non-binding offer before dropping that plan to consider separate moves. Entel currently leads Chile’s mobile market with 10.3 million connections, while America Movil, Telefonica and Novator-owned operators each serve between 5 million and 5.6 million customers.