At the beginning of this year, Telefónica created an infrastructure subsidiary in Chile called Infraco, to mainly take over the development of fiber optics in the country. Now, the multinational led by José María Álvarez-Pallete has commissioned Banco Santander to find a partner with whom to finance the growth of Telefónica's fiber optic network in Chile. Infraco is valued at around € 500 million, since said 'holding' houses Telefónica's fiber assets. The idea of the company is to give entry to a financial partner who takes around 50% of its share capital. Despite the fact that Telefónica has declared Latin America as a non-strategic territory, the growth of fiber in Chile continues to be of interest for it.