Telefónica reactivates process to sell its Venezuelan subsidiary

Telefónica is considering launching a process to sell its Venezuelan subsidiary and maintains the goal of leaving the country, according to a report published on September 25, 2026 by the portal AlbertoNews, citing Bloomberg. The company has reportedly received unsolicited approaches from potential buyers and is weighing the right moment to start a transaction that, for now, has neither a firm offer nor a final decision.

The decision is part of a broader strategy by the group to exit Latin America and concentrate its activity in its main markets. As part of the preparations to facilitate a possible corporate transaction, the company consolidated the executive structure of its Venezuelan subsidiary in June of this year, concentrating powers in its chief executive, Antonio Valente Izzi, following the departure of José Luis Rodríguez Zarco.

Despite the difficult economic environment in the country, the Venezuelan subsidiary was among the best performers in the region in the previous fiscal year. According to data published by the outlet, the Venezuelan operation contributed a positive result of 71.99 million euros in 2025, behind Mexico, which earned 112.10 million euros. Meanwhile, the holding company closed 2025 with adjusted losses of about 1,150 million euros, while the Venezuelan subsidiary posted a positive result of close to 72 million euros, and the holding received a total of 238.3 million euros in dividends from its companies in Venezuela and Uruguay.

Any sale in the Venezuelan market faces additional difficulties due to the country's specific regulatory and financial constraints. The long-standing complexity of currency controls and the repatriation of dividends is compounded by requirements set by local authorities, which affect financial management and the due diligence process for potential buyers, with preliminary talks having been held with private equity firms among them.