Telefónica Chile, S.A. (SNSE:CTC-B) agreed to acquire the remaining 0.07% stake in Telefónica Larga Distancia S.A. in February 2016. The consideration includes an exchange of 1.3170666 shares of Telefónica Chile for every share of Telefónica Larga Distancia. Pursuant to the transaction, all stake and capital of Telefónica Larga Distancia will be incorporated in Telefónica Chile and Telefónica Larga Distancia will be dissolved. On March 30, 2016, the transaction was approved by shareholders of Telefónica Larga Distancia.

Telefónica Chile, S.A. (SNSE:CTC-B) completed the acquisition of the remaining 0.07% stake in Telefónica Larga Distancia S.A. on April 28, 2016. Telefónica Chile issued 0.05 million shares of Series A in the transaction. The transaction was approved by the shareholders of Telefónica Chile on March 30, 2016. In connection with the transaction, Telefónica Larga Distancia was delisted on April 28, 2016.