Telecom Italia today finalized the acquisition of a further 29.13% stake in Entel S.A. (Entel Chile) for US$ 905 million.
The transaction, which was announced last December, has allowed Telecom Italia to increase its stake in the Chilean telecommunications company from 25.63% to 54.76%.
The acquisition provides Telecom Italia with a controlling interest in Entel Chile, allowing the Telecom Italia Group to pursue more effectively its strategic objectives for the Chilean and Latin American telecommunications markets. Entel Chile will be able to expand, through the Telecom Italia Group, its existing operations and its regional scope.
Entel Chile is the country´s largest provider of domestic and international long distance services and the principal provider of mobile telecommunications services. Entel is also a leading provider of private corporate networks and Internet access, and offers local telephony services to companies. Through its subsidiary Americatel, Entel Chile has a relevant presence in the US Hispanic market.