Telefónica Guatemala, a subsidiary of Spain's Telefónica, is a wireless telecom service provider. The Spanish company entered the Guatemalan market in 1999, when it launched services over its CDMA network. In October 2004, its parent company acquired BellSouth Guatemala, which now operates under the brand name Movistar. In 2013, Corporación Multi Inversiones acquired a 40% stake in Telefónica’s assets in El Salvador, Guatemala, Nicaragua and Panama, although they remain under the Spanish company’s control. Movistar Guatemala accounted for around 22% of the country's mobile phone subscriptions at the end of 2013. In end-2014, the company launched LTE service to complement its 3G coverage.
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