Telefónica

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Spanish multinational telecommunications group providing fixed and mobile connectivity, broadband, digital services and subscription television through brands including Movistar, O2 and Vivo.

Last updated November 4, 2026

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First read: Oct 29, 2026
Latest read: Nov 4, 2026

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Overview

Telefónica, S.A. is a Spanish multinational telecommunications group headquartered in Madrid. It is one of Spain's largest corporations and one of Europe's and Latin America's major communications providers. The company supplies fixed-line and mobile telephony, broadband access, fibre connectivity, enterprise communications, cloud and cybersecurity services, digital solutions, and subscription television. Its principal consumer-facing brands are Movistar in Spain and much of Latin America, O2 in the United Kingdom and Germany, and Vivo in Brazil. The business originated in 1924 as Compañía Telefónica Nacional de España, or CTNE. For much of the twentieth century it operated as Spain's state-linked and effectively exclusive telephone company. The Spanish telecommunications market was liberalized during the 1990s, requiring Telefónica to compete in mobile, fixed broadband and other newly opened segments while using its nationwide infrastructure and customer base as strategic advantages. The company subsequently expanded through acquisitions and telecommunications concessions across Europe and the Americas. A major international step was the acquisition of O2 plc, completed in 2006. The transaction gave Telefónica mobile operations in the United Kingdom, Germany and Ireland, while preserving the O2 name and much of the existing local identity. Telefónica later strengthened its German position through the acquisition and integration of E-Plus. In Brazil, its activities developed through the acquisition of regional fixed-line assets and the purchase of Portugal Telecom's interest in Vivo, making Brazil one of the group's most important markets. Telefónica also acquired former BellSouth operations in several Latin American countries and rebranded many of them as Movistar. The group has progressively reduced its exposure to some non-core Latin American businesses while emphasizing Spain, Germany, the United Kingdom and Brazil, together with enterprise and digital services. Examples of this portfolio reshaping include the sale of operations in Central America and the disposal of Telefónica's former interest in Telecom Italia. In the United Kingdom, Telefónica combined its O2 business with Liberty Global's Virgin Media in 2021, creating Virgin Media O2, a jointly owned communications and entertainment company. Telefónica's business combines network infrastructure with consumer brands, wholesale connectivity, enterprise technology and digital platforms. Its Spanish operation is associated with extensive fibre-to-the-home coverage and the Movistar brand. The company also participates in industry partnerships, including cooperation with China Unicom on Internet-of-Things connectivity. The corporate brand remains associated with telecommunications infrastructure and digital transformation, while local brands are used for most consumer marketing.

History

Telefónica was created in Madrid in 1924 as Compañía Telefónica Nacional de España. The early company was closely associated with International Telephone and Telegraph, commonly known as ITT, which was among its major shareholders. In 1945 the Spanish state acquired a controlling interest of approximately 79.6% through legislation. That state participation was subsequently diluted, including through a capital increase in 1967. For decades Telefónica was Spain's dominant, effectively exclusive telephone operator. Its network provided the basic fixed-line infrastructure on which Spanish communications depended, and the company became a central institution in the country's economic and technological development. The liberalization of the Spanish telecommunications market in the 1990s ended its monopoly and forced the company to compete with new entrants in fixed services, mobile communications and broadband. Telefónica responded by expanding mobile operations, modernizing its network and developing consumer and enterprise brands. The company began a major period of international growth in the late twentieth and early twenty-first centuries. It acquired or obtained control of operators in Latin America, including assets in Brazil, Venezuela, Central America and other markets. In Brazil, Telefónica entered through regional operations and acquired Telesp in 1998. It later consolidated its Brazilian mobile business through Vivo, purchasing Portugal Telecom's stake in 2010. Vivo became one of the group's most important operating platforms. Telefónica also expanded in Europe. It acquired Český Telecom in 2005, gaining the Czech operator and its Eurotel mobile subsidiary, and acquired O2 plc in the United Kingdom in a transaction completed in 2006. The O2 purchase added operations in the United Kingdom, Germany and Ireland and established a durable international consumer brand. Telefónica subsequently combined its German operations with O2 Germany and acquired E-Plus in 2014, creating a larger German mobile operator. Its Irish O2 business was sold to Hutchison Whampoa and incorporated into Three Ireland in 2015. Telefónica's Czech and Slovak activities were later sold to PPF. In the United Kingdom, Telefónica sought to sell O2 to Hutchison's Three in 2015, but the European Commission blocked the proposed combination in 2016 on competition grounds. Telefónica subsequently retained an interest in the British market through O2. In 2021, O2 UK merged with Liberty Global's Virgin Media business to form Virgin Media O2, jointly owned by Telefónica and Liberty Global. The group's strategy has increasingly emphasized a smaller number of core markets and the growth of enterprise and digital services. Since the late 2010s, Telefónica divested many Latin American assets outside its principal markets. It sold several Central American operations to América Móvil or Millicom, although individual transactions varied by country and were subject to regulatory review. The company also exited its former investment in Telecom Italia after concerns about overlapping interests with its Brazilian operations and later transferred the stake as part of the sale of GVT to Vivendi. Telefónica has expanded beyond traditional voice services into fibre broadband, subscription television, cloud computing, cybersecurity, Internet-of-Things platforms and international business connectivity. Its 2022 acquisition of BE-terna supported cloud and enterprise-software capabilities in Europe. The group has also partnered with China Unicom on cross-border Internet-of-Things services. In ownership terms, STC became a major shareholder in 2023, and the Spanish state subsequently acquired a 10% interest through SEPI in 2024. Telefónica remains a listed Spanish telecommunications group with operations centered on Spain, Germany, the United Kingdom and Brazil, supported by international enterprise and wholesale activities.

2024
SEPI acquires a 10% stake
[1]Telefónicaen.wikipedia.org
Spain's state holding company acquired a 10% interest in Telefónica.
2023
STC acquires a major Telefónica holding
[1]Telefónicaen.wikipedia.org
Saudi Telecom Group disclosed an approximately 9.9% position in Telefónica.
2022
BE-terna acquisition announced
[1]Telefónicaen.wikipedia.org
Telefónica agreed to acquire BE-terna to expand its European cloud, enterprise software and cybersecurity capabilities.
2021
Virgin Media O2 is formed
[1]Telefónicaen.wikipedia.org
Telefónica's O2 UK and Liberty Global's Virgin Media UK combined in a jointly owned company.
2016
Proposed O2–Three UK merger is blocked
[1]Telefónicaen.wikipedia.org
European regulators prohibited the proposed combination of O2 UK and Three on competition grounds.
2014
E-Plus is acquired in Germany
[1]Telefónicaen.wikipedia.org
Telefónica Deutschland acquired E-Plus and integrated it with its existing German operations.
2010
Telefónica consolidates Vivo ownership
[1]Telefónicaen.wikipedia.org
The group agreed to acquire Portugal Telecom's interest in Vivo, strengthening its Brazilian mobile position.
2006
O2 becomes a Telefónica subsidiary
[1]Telefónicaen.wikipedia.org
Telefónica completed its acquisition of O2 plc, adding businesses in the United Kingdom, Germany and Ireland.
2005
Acquisition of Český Telecom
[1]Telefónicaen.wikipedia.org
Telefónica acquired the Czech incumbent and gained control of its Eurotel mobile subsidiary.
1998
Entry into Brazil through Telesp
[1]Telefónicaen.wikipedia.org
Telefónica acquired Telesp, the former Telebrás operator serving São Paulo.
1997
Spanish telecommunications liberalization
[1]Telefónicaen.wikipedia.org
The Spanish market was opened to competition, ending Telefónica's position as the country's sole telephone operator.
1945
Spanish state acquires a controlling stake
[1]Telefónicaen.wikipedia.org
The Spanish state acquired approximately 79.6% of the company through legislation.
1924
Telefónica is established in Madrid
[1]Telefónicaen.wikipedia.org
Compañía Telefónica Nacional de España, later known as Telefónica, was founded as Spain's national telephone company.

Products and positioning

A multinational integrated communications provider combining mobile and fixed networks with fibre broadband, enterprise technology, cloud, cybersecurity and digital services. Consumer propositions are generally marketed through locally established brands, especially Movistar, O2 and Vivo.

Consumer telecommunications brand
Movistar
Movistar is Telefónica's principal consumer brand in Spain and much of Latin America. It covers mobile voice and data, fixed broadband, fibre, landline services, television and bundled connectivity packages. In Spain, the brand is associated with Telefónica's extensive fixed and mobile infrastructure and with converged offers combining home internet, mobile services and entertainment.
Consumer telecommunications brand
O2
O2 is Telefónica's principal consumer brand in the United Kingdom and Germany and was previously used in several other European markets. It provides mobile connectivity, broadband and related digital services. Telefónica retained the O2 identity after acquiring O2 plc, allowing the business to preserve local brand recognition while becoming part of the wider group.
Brazilian telecommunications brand
Vivo
Vivo is Telefónica's major Brazilian consumer telecommunications brand. Its activities include mobile communications, broadband, fixed-line services, fibre access and digital entertainment. The brand became central to Telefónica's Brazilian strategy after the group consolidated ownership of the former Vivo joint venture in 2010.
UK communications joint venture · 2021
Virgin Media O2
Virgin Media O2 is the jointly owned UK company formed by combining Telefónica's O2 UK business with Liberty Global's Virgin Media. It combines mobile communications with fixed broadband, television and entertainment services and is positioned as a major integrated competitor to BT Group.
Enterprise digital services
Telefónica Tech
Telefónica's enterprise technology activities include cloud, cybersecurity, data, Internet-of-Things and digital transformation services. These capabilities extend the group beyond consumer connectivity and support multinational corporations, public-sector organizations and other institutional customers.

Controversies

2022
European Commission re-imposes fines on Telefónica and Pharol
In a re-adopted decision, the European Commission imposed fines on Telefónica and Pharol for entering into a non-compete agreement that breached EU antitrust rules. The Commission fined Telefónica €66,894,000 and Pharol €12,146,000. The decision restates the Commission's finding that the non-compete agreement infringed EU antitrust rules, and the fines were re-imposed under that re-adopted decision.
Source
2019
Spain fines Telefonica for breaching DTS takeover terms
Spain's National Market and Communication Commission fined Telefonica €1.5 million for breaching the terms of its takeover of pay-TV platform DTS. The regulator said Telefonica failed to provide wholesale access to premium football content at a guaranteed minimum rate and wrongly calculated the subscriber count used for the minimum guaranteed cost of its Movistar Partidazo channel.
Source

2022
Acquire BE-ternaM&A
Background
Telefónica aimed to expand its European enterprise technology, cloud and cybersecurity capabilities.
Action taken
The group announced the acquisition of BE-terna, a cloud-services and Microsoft Dynamics specialist.
Aftermath
The deal broadened Telefónica's digital transformation offering and geographic reach in Europe.
Reported acquisition value. (2022)
Source
2021
Create Virgin Media O2M&A
Background
Telefónica and Liberty Global sought to combine mobile, fixed broadband and entertainment assets in the competitive UK market.
Action taken
O2 UK and Virgin Media were merged into a jointly owned company.
Aftermath
Virgin Media O2 became one of the United Kingdom's largest integrated telecommunications and entertainment providers.
Source
2019
Refocus the Latin American portfolioStrategy
Background
Telefónica faced pressure to simplify its geographic portfolio and concentrate investment on its largest and strategically important markets.
Action taken
The group began divesting a majority of its Latin American businesses outside core markets, including operations in Central America.
Aftermath
The strategy reduced geographic complexity and supported greater emphasis on Spain, Germany, the United Kingdom, Brazil and enterprise services.
Source
2010
Consolidate Vivo in BrazilM&A
Background
Telefónica and Portugal Telecom had been partners in Vivo, one of Brazil's principal mobile operators.
Action taken
Telefónica agreed to purchase Portugal Telecom's interest after increasing its offer during extended negotiations.
Aftermath
Telefónica gained stronger control over its Brazilian mobile strategy and continued using Vivo as its main Brazilian consumer brand.
Reported transaction value. (2010)
Source
2006
Acquire O2 plcM&A
Background
Telefónica sought to expand its European mobile presence and acquire established operations in the United Kingdom, Germany and Ireland.
Action taken
It completed the acquisition of O2 plc and continued operating the consumer businesses under the O2 name.
Aftermath
The transaction became one of Telefónica's defining international expansions and supplied the platform that later became O2 UK and Telefónica Germany.
Source

Recent events

Unconfirmed
Oracle and Telefónica partner on Madrid cloud region[5]Oracle与Telefónica合作建设马德里云区域datacenterdynamics.com
Reported: 2026-11-02
Oracle partnered with Telefónica to place its upcoming Spanish cloud region in Telefónica's Madrid data center. The companies will jointly offer cloud platform-as-a-service and applications to enterprises and public sector organizations across Telefónica Tech's customer base, and Telefónica will host the Oracle Cloud Madrid Region.
2026-10-19
AST SpaceMobile and European operators sign letters of intent[6]AST SpaceMobile与欧洲运营商签署意向书morningstar.com
Reported: 2026-10-19
AST SpaceMobile said it signed letters of intent with Deutsche Telekom, Orange, Telefónica and Vodafone to explore a potential joint bid for Mobile Satellite Services spectrum and coordinate spectrum access and service deployment.
Unconfirmed
Telefónica launches its own platform for the smart management of water meters[7]Telefónica推出自有智能水表管理平台webwire.com
Telefónica announced the launch of its own platform for the smart management of water meters, aimed at utility companies and local authorities. The platform enables customers to receive consumption data for analysis and billing purposes, remotely monitor device status, and detect potential irregularities in consumption at an early stage, including unusual consumption, potential leaks, missing readings and meter tampering. It is designed to be compatible with meters from different manufacturers and integrates natively with Telefónica's IoT connectivity platform Kite.
Unconfirmed
Telefónica launches IoT platform for smart water meter management[8]西班牙电信推出用于智能水表管理的物联网平台thefastmode.com
Reported: 2026-10-14
Telefónica announced the launch of an in-house developed platform for the smart management of water meters, enabling utility companies and local authorities to receive consumption data for analysis and billing, remotely monitor device status, and detect irregularities such as leaks, missing readings, or tampering. The platform integrates natively with Telefónica's Kite IoT connectivity platform.
2022-01-26
European Commission re-imposes fines on Telefónica and Pharol[4]European Commission re-imposes fines on Telefónica and Pharoleureporter.co
Reported: 2022-01-26
The European Commission re-adopted its decision and imposed fines of €66,894,000 on Telefónica and €12,146,000 on Pharol for entering into a non-compete agreement in breach of EU antitrust rules.
Unconfirmed
Telefónica closes sale of Colombia fibre assets to KKR[9]Telefónica完成向KKR出售哥伦比亚光纤资产developingtelecoms.com
Reported: 2022-01-13
Telefónica closed the sale of its fibre-to-the-home assets in Colombia to KKR for around EUR 175 million. Telefónica will receive 40% of the shares in the new KKR-controlled wholesale venture InfraCo.
2021-11-11
Telefonica plans voluntary job cuts in Spain[10]Telefonica 计划在西班牙自愿裁员majorcadailybulletin.com
Reported: 2021-11-11
Telefonica planned to cut between 2,000 and 4,000 jobs through voluntary redundancy in Spain during the first half of 2022; the reported action was a plan, not completed layoffs.
2021-08-10
Liberty Latin America completes acquisition of Telefónica's Costa Rica mobile operations[11]Liberty Latin America完成收购Telefónica在哥斯达黎加的移动业务telecompaper.com
Reported: 2021-08-10
Liberty Latin America completed its $500 million acquisition of Telefónica's wireless operations in Costa Rica after approval from the national regulator and the Costa Rican President.
2021-03-02
Telefonica and CDPQ announce FiBrasil joint venture[12]Telefonica 与 CDPQ 宣布成立 FiBrasil 合资企业riotimesonline.com
Reported: 2021-03-03
Telefonica Group and Canadian investment group CDPQ announced plans to create FiBrasil, a wholesale fiber-optic network company in Brazil. The joint venture was still pending regulatory approval at the time of the report.
2021-01-13
Telefónica agrees to sell Telxius tower division to American Tower[13]Telefónica同意将Telxius塔业务出售给American Towertelecomtv.com
Reported: 2021-01-13
Telefónica's subsidiary Telxius signed an agreement to sell its telecommunications tower division in Europe and Latin America to American Tower for €7.7 billion in cash. The transaction covers approximately 30,722 sites and is subject to regulatory authorizations before the respective closings.

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