Telefónica sells its subsidiary in Peru for 900,000 euros in full chapter contest | Economy | EUROtoday

Telefónica has put an finish to her presence in Peru after three a long time within the Andean nation. The Telecommunications Company has bought all the participation in Telefónica del Perú (TDP) to the Argentine Firm Integra Tec International for about 3.7 million Peruvian soles, equal to about 900,000 euros on the present trade fee, as reported by the National Securities Market Commission in a related occasion. The determine is virtually symbolic, for the reason that operation consists of the belief of a debt of greater than 1,200 million euros. In truth, the Spanish multinational has admitted that “the price has been determined considering the situation of Telefónica del Perú and the context of the agreement reached.”

The Peruvian subsidiary was going by way of a deep monetary disaster and, in February, voluntarily requested to just accept a chapter process, which continues in course of and is pending approval by INDECOPI, the state company that supervises the processes of insolvency and competitors in Peru. This is the third divestment made by the Spanish multinational within the Latin American subcontinent not too long ago, after the sale of the Argentine subsidiaries to Telecom for 1,200 million euros, and from the Colombian to Millicom for 367 million.

As Telefónica reported to the CNMV, for this Integra Tec International operation has acquired 99.3% of the actions of Telefónica del Perú. To take the remaining 0.7%, within the palms of minority shareholders, the agency has dedicated to launch a public acquisition provide (OPA) with the intention of reaching 100% of the share capital. In addition, the operation consists of that Telefónica Hispam has bought the monetary credit granted to Telefónica del Perú.

The Spanish operator, as occurred within the sale of its Argentine subsidiary, has secured the closure and assortment of the sale of its subsidiary making the most of the laws of the nation. That is, if the Peruvian authorities or the regulators put some work on the operation, the situations that imposed on the market would fall on the customer.

Likewise, each events have agreed to maintain the entire quantity of the credit score of 1,549 million soles (round 370 million euros) out there to Telefónica del Perú, which was granted by the matrix, Telefónica Hispam, when the collectors contest was requested as a way to keep the corporate’s operation and the cost to workers and suppliers. However, the disbursements of the remaining quantity will probably be made partially by Telefónica Hispam and partly by Integra Tec, as highlighted by the Peruvian subsidiary of Telefónica in an announcement.

Telefónica has affirmed that this divestment is a part of its progressive publicity discount technique in Latin America, a area the place the corporate has confronted necessary regulatory, financial and operational challenges in recent times.

Transition course of

For its half, Integra has indicated that, along with assuming the portfolio of 13 million customers, its principal targets embody the upkeep and enlargement of telecommunications providers, the restructuring of the TDP debt and the implementation of a marketing strategy. According to the assertion, the corporate “will seek to establish a constructive dialogue with all the parties involved, including the Government and the creditors, to ensure that the transition is as fluid as possible.”

As a part of the transition, Germán Ranftl has been appointed as the brand new president of the Directory of Telefónica del Perú. Ranftl, Financial Director of Edenor, the principle Argentine electrical energy distributor, could have the accountability of main the corporate’s monetary restructuring course of, throughout the framework of the abnormal restructuring chapter course of (PCO-R) initiated earlier than INDECOPI. This course of will proceed its course in accordance with present rules, with the intention of stabilizing the financial state of affairs of the corporate.

However, the brand new house owners have reported that to ensure operational stability throughout this transition, the present TDP administration staff, led by Elena Maestre, will proceed of their features. “This approach seeks to preserve continuity in the provision of services and strengthen the trust of users, suppliers and other interested parties,” he stated.

Integra Tec, highlighted his expertise in Latin America in sectors corresponding to telecommunications, public providers, media, vitality, chemistry and pure sources. In addition, it has a historical past within the restoration of corporations in monetary difficulties.

Creditors Contest

Telefónica del Perú determined to voluntarily request on February 14 the collectors contest to reply to the monetary disaster that impacts the enterprise within the Andean nation, and the fiscal lawsuits which have been dragging for twenty years for greater than 1,000 million euros resulting from its controversies with the National Superintendence of Customs and Tax Administration (SUNAT) within the nation. Parallel to the competition declaration, and for that very same phone fiscal lawsuit he has taken the case to the International Center for Arrangement of Investment Disputes (CIADI), a World Bank -dependent company.

The subsidiary recorded internet losses of three,391.59 million Peruvian soles (872 million euros to the present change) in 2024, which implies multiplying the crimson numbers of the earlier yr by 5.5 occasions, and billed 6,020 million soles (1,548.5 million euros), 7% much less. At the top of 2024, Telefónica Peru’s debt amounted to 4,838 million soles, equal to about 1,241 million euros. The largest creditor is the Sunat, with 2,473 million soles, about 634.5 million euros. Secondly, bond holders issued by the corporate are listed, in a complete quantity of two,365 million soles, about 606.3 million euros.

Telefónica Peru introduced that, as soon as the applying for contest for INDECOPI was accredited, the Board of Creditors would convene to current a debt restructuring plan. This company, the place all collectors headed by the Peruvian hacienda and the bondists will probably be represented, is the one to resolve whether or not to just accept the corporate’s proposal, reject it or current another plan. However, it should now be to barter with the collectors.