Telefonica Chile Confirms Parent Company Is Selling Unit

Telefonica Chile confirmed Friday that its parent company — Spain’s Telefonica SA — is selling the local unit.

Telefonica has received several non-binding offers and a due diligence process is being conducted with several potential buyers, the Chilean unit said in a filing.

Mexico’s America Movil SAB de CV and Chile’s Empresa Nacional de Telecomunicaciones SA confirmed this week they are among the interested parties and are working on a joint bid. WOM may also make an offer for parts of Telefonica Chile, according to a person familiar with the matter.

Read: America Movil, Entel in Talks to Explore Telefonica ...