Telefónica reactiva el proceso para la venta de su filial en Venezuela

Telefónica is considering initiating a process to sell its Venezuelan subsidiary, as reported by Bloomberg on Friday, according to sources familiar with the matter. The company has received "unrequested approaches from potential buyers" and is evaluating the right moment to start an operation, which currently lacks a firm offer or a definitive decision on the sale.

The plan suggests that Telefónica aims to leave Venezuela within the next year, although it is waiting for the appropriate time to begin the sale process. The company is exploring organizing a competitive process among several potential buyers, rather than negotiating exclusively with one interested party. Preliminary talks have been held with executives from Latin America Real Assets Opportunities (LARA) Fund, a private equity vehicle based in Miami and co-founded by Mauricio Claver-Carone.

However, these talks have not progressed beyond this initial stage. This move reactivates a strategic exit plan that Telefónica had been preparing for months and had previously announced publicly. While no firm offer or sale agreement exists yet, various steps taken over the past year indicate that the departure from Venezuela is part of a strategic decision, with the company setting up its local structure to facilitate an eventual operation.

Telefónica's CEO, Marc Murtra, first disclosed this intention almost a year ago during the presentation of the 2026-2030 Strategic Plan. The exit from Venezuela was initially part of a broader strategy to leave Hispanic America and focus on the company's main markets. Since then, Telefónica has been reducing its presence in the region, with the Venezuelan exit becoming one of the last assets to divest in this process.

A significant move occurred in June, when Telefónica unified the executive structure of its Venezuelan subsidiary and centralized all powers in its current deputy chairman, Venezuelan Antonio Valente Izzi. Valente assumed full corporate and presidency responsibilities previously held by José Luis Rodríguez Zarco, who would return to Spain after eight years leading the local operation.

The decision was officially presented by the company as a change in responsibilities, but financial sources interpreted it as a step to prepare the sale of the subsidiary. Valente's profile is particularly relevant for a potential corporate sale. He had been Telefónica's financial director in Venezuela since 2018 and had been deputy chairman since October 2024.

His knowledge of the accounts and financial structure of the business could facilitate the auditing and due diligence needed for potential buyers to value the company's assets. However, the sale faces challenges as Venezuela's market has specific regulatory and financial conditions that any operation would need to overcome. The complexity of exchange control and dividend repatriation, which has historically hampered the financial management of international assets in the country, also presents hurdles.

Nevertheless, Venezuela is not the least profitable asset in Telefónica's Hispanic American portfolio. On the contrary, the Venezuelan subsidiary contributed a positive result of 71.99 million euros in 2025, only surpassed by Mexico's 112.10 million in the same period. Telefónica closed 2025 with an adjusted loss of around 1.150 million euros overall, but Venezuela presented a positive result close to 72 million.

Moreover, Venezuela contributed significantly to the holding's financial flows, receiving 238.3 million euros in dividends from its Venezuelan and Uruguayan subsidiaries in 2025. Telefónica has been present in Venezuela since 1991, marking 35 years of presence in the country. An eventual exit would close a significant chapter in the company's history in Latin America, but the operation remains in a preliminary phase.

While there are interested parties and the company is studying how to structure a sale, there is no firm offer or selected buyer yet.