Telefónica and KKR put Chilean fibre network up for sale

Details: Manny Pham; Category: Operators; 13 October 2026; 655 views

Telefónica and KKR have appointed JPMorgan and Scotiabank to sell OnNet Fibra, their Chilean wholesale fibre joint venture, in a deal that could value the business at up to US$2 billion.

KKR owns 60% of OnNet and Telefónica holds the remaining 40%. The company provides wholesale fibre services to most of Chile’s telecoms operators, including Millicom, Entel, ClaroVTR and DirecTV.

According to Expansion, the business could have an enterprise value of US$1.5 billion to US$2 billion, although its substantial debt would reduce the proceeds received by shareholders. The sale is not expected to close until 2027.

The sale would mark Telefónica’s exit from its last remaining asset in Chile. The Spanish operator sold its Chilean telecoms business to Millicom in February for an enterprise value of around US$1.2 billion.

OnNet was established in 2021, when Telefónica sold a majority stake in its fibre infrastructure business to KKR. It later acquired fibre infrastructure from Entel for US$358 million. The network now passes 5.2 million homes and spans more than 69,000km.