Telefónica y KKR ponen a la venta su filial de fibra en Chile por hasta 1.800 millones

Telefónica and its investment partner KKR have announced plans to sell their joint Chilean fiber optic company, OnNet Fibra, for up to $1.8 billion. OnNet, a neutral optical fiber distributor serving most Chilean telecom operators, is currently 60% owned by KKR and 40% by Telefónica.

The sale will mark the departure of Telefónica from the Andean market, as it has already exited its Chilean telecom subsidiary, Telefónica Chile, in February 2026 for approximately $1.215 billion. With the sale of OnNet Fibra, Telefónica sees no further need to maintain its presence in the major optical fiber distributor.

Financial institutions JPMorgan and Scotiabank have been commissioned with the sale process by both companies. While a concrete sale date has not been set, the transaction is expected to occur in 2027. The enterprise value of the company is anticipated to range between $1.5 billion and $2 billion, however, the equity value for the shareholders is expected to be significantly lower due to OnNet's substantial debt.

OnNet was established in 2021 following Telefónica's decision to sell a majority of its optical fiber segment to KKR. In 2022, OnNet reached an agreement to purchase the optical fiber infrastructure from Entel for $358 million. Since its inception, OnNet has become the leading neutral optical fiber distributor in the Andean region, having secured agreements with four major Chilean clients: Millicom, Entel, ClaroVTR, and Directv.