- Tech News & Insight
- February 11, 2026
- Hema Kadia
Millicom and NJJ have jointly acquired Telefónica’s Chilean operations in a structure designed to capture upside while insulating Millicom’s balance sheet. Through a jointly controlled vehicle, NJJ holds 51% and Millicom 49% of nearly all of Telefónica’s interest in Chile, with Millicom operating the asset from day one despite its minority stake. The headline value is about $1.2 billion, reflecting a challenged but strategically important footprint in one of Latin America’s most advanced telecom markets. The transaction closed on February 10, 2026, and follows months of speculation that drew interest from other regional heavyweights, including América Móvil and Entel.

