Exhibit4.4

JOURNAL NO. 26,372-2003

SHAREPURCHASE AGREEMENT

BY AND BETWEEN

INVERSIONESPACIFICO II LIMITADA ET AL

AND

TELEFÓNICAEMPRESAS CTC CHILE S.A.

In Santiago, Republic of Chile,on August 27, 2003, before me, René Benavente Cash, attorney,Notary Public, Titular of the Forty-Fifth Notarial Office of Santiago,domiciled in this city at Paseo Huérfanos 979, 7th floor, thereappeared:

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| 1.  | INVERSIONES PACIFICO II LIMITADA,taxpayer identification number 88,492,000-0, and |

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| 2.  | INVERSIONES ATLANTICO LIMITADA, taxpayeridentification number 78,091,430-0, |

both represented, as shallbe evidenced, by Mr. ANDRES NAVARRO HAEUSSLER, Chilean, married, civilengineer, national identity card number 5,078,702-8, and by Mr. PABLONAVARRO HAEUSSLER, Chilean, married, civil engineer, national identitycard number 6,441,662-6, all domiciled for these purposes at Teatinos500, borough and city of Santiago, hereinafter also called"Pacifico" and"Atlantico," respectively;

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| 3.          | INVERSIONES SANTA ISABEL LIMITADA,taxpayer identification number 79,822,680-0, represented by Mr. ANDRESNAVARRO HAEUSSLER, identified above, hereinafter also called"Santa Isabel," of the same foregoingdomicile, |

as one party, hereinafter collectively calledthe "Buyers"; and as the other,

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| 4.          | TELEFONICA EMPRESAS CTC CHILE S.A.,taxpayer identification number 90.430.000-4, represented by Mr. CLAUDIOARMANDO MUÑOZ ZUÑIGA, Chilean, married, civil industrialengineer, national identity card number 9,618,122-1, both domiciled forthese purposes at Avenida Providencia No. 119, 29th floor, borough ofProvidencia, hereinafter also called"Telefónica" or the"Seller." |

The parties are ofage, evidenced their entities by the aforesaid identity cards and statethat they have agreed to enter into the following purchaseagreement:

WHEREAS:

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| 1.  | Telefónica is currently the sole owner andholder of 35,000 shares in SOCIEDAD NACIONAL DE PROCESAMIENTO DE DATOSS.A., hereinafter "SONDA" or the"Company," equal to 35% of the sharesvalidly issued by the Company pursuant to Share Certificate No. 24issued September 26, 2002; |

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| 2.  | SONDA wasincorporated as a limited liability company by public deed executedOctober 30, 1974, in the Santiago Notarial Office of Mr. HermanChadwick. It was transformed into a stock corporation by public deeddated September 17, 1991, an abstract of which was registered on page28,201, number 14,276, of the 1991 Commercial Registry of the SantiagoReal Estate Registrar and was published in the Official Gazette onSeptember 24th of the same year. |

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| 3.  | Pacífico, Atlántico and Santa Isabeltaken as a whole are currently the controlling shareholders who haveactively participated in the administration of Sonda and know of itsactual financial, accounting, tax and legal condition wherefore theyexpressly release Telefónica from the obligation to make anyrepresentations in regard to Sonda. |

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| 4.  | On July 29, 2003, SantaIsabel advised Telefónica of its decision to exercise itspurchase option for Sonda shares in advance, in accordance with thestipulations in the second clause, letter C), of the option agreementmade between Santa Isabel and Telefónica by private deed datedSeptember 26, 2002. Santa Isabel expressed its decision in the samenotice to purchase and acquire the shares for itself and forAtlántico and Pacífico, in the proportions indicated insuch letter. |

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| 5.  | The parties have mutually agreedto change the sale terms indicated in letter C) of the document datedSeptember 26, 2002, to which the preceding number refers, and they haveagreed to a total price of one million nine hundred and seventy-twothousand two hundred and six unidades de fomento (U.F. 1, 972,206) for35% of the shares in Sonda. |

FIRST: Purchase of theShares

Telefónica, duly represented by Mr.Claudio Muñoz Zuñiga, hereby sells, assigns and transfersall of its 35,000 shares in Sonda to Pacífico, Atlánticoand Santa Isabel, who purchase, acquire and accept such shares fortheemselves in the following proportions:

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| (i)  | Pacífico purchases and acquires22,077 shares; |

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| (ii)  | Atlánticopurchases and acquires 5,385 shares; and |

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| (iii)  | Santa Isabel purchases and acquires7,538 shares. |

SECOND: Price

The totalpurchase price for the shares indicated in the preceding point is thesum of **thirty three billion three hundred and eighty-eight millionthree hundred and sixty-two thousand eight hundred and sixty-sevenpesos,**(CH$33,388,262,867) equal in pesos, legal tender, to **onemillion nine hundred and seventy-two thousand two hundred and sixunidades de fomento** (U.F. 1,972,206) paid by the Buyers at once, inthis act, by bank checks endorsed in the name of the Seller, in thefollowing proportions:

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| (i)  | Pacífico paysthe sum of twenty-one billion sixty million four hundred andtwenty-five thousand three hundred and forty-three pesos (Ch$21,060,425,343) through the delivery of the following bank checks: |

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|  | (a)  | Bank check No. 4134879, issued by BCI in theamount of nine billion eight hundred and twenty-seven million onehundred and twenty-five thousand eight hundred and eight pesos,(Ch$9,827,125,808) and |

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|  | (b)  | Bank Check No.1669230, issued by Banco del Estado in the amount of eleven billion twohundred and thirty-three million two hundred and ninety-nine thousandfive hundred and thirty-five pesos (Ch$ 11,233,299,535); |

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| (ii)  | Atlántico pays the sum of five billionone hundred and thirty-seven million thirty-eight thousand one hundredand fifteen pesos (Ch$ 5,137,038,115) through the delivery of bankcheck No. 691975-2, issued by Banco de Chile in such amount; and |

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| (iii)  | Santa Isabel pays the sum of seven billionone hundred and ninety million eight hundred and ninety-nine thousandfour hundred and nine pesos (Ch$7,190,899,409) through delivery ofthe following bank checks: |

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|  | (a)  | Bank check No.4134877, issued by BCI in the amount of one billion six hundred andeighty-four million nine hundred thousand one hundred and ninety-twopesos (Ch$1,684,900,192); |

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|  | (b)  | Bank Check No.973206, issued by Banco Security in the amount of four billionfifty-three million nine hundred and ninety-three thousand eighthundred and fifteen pesos (Ch$4,053,993,815); and |

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|  | (c)  | Bank Check No. 691974-4, issued by Banco de Chilein the amount of one billion four hundred and fifty-two million fivethousand four hundred and two pesos (Ch$1,452,005,402). |

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Telefónica declares receiptof such sums to its full satisfaction and deems the price paid in itsentirety.

THIRD: Share Certificates

Telefónica hereby delivers the certificate for theshares they have acquired and paid for herein to the Buyers, whodeclare receipt thereof.

FOURTH: Return of Guarantees

As the obligations assumed by Santa Isabel in the OptionAgreement dated September 26, 2002 have been fulfilled opportunely infull, Telefónica hereby returns the following bank bonds toSanta Isabel:

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| (i)  | Bond No. 0504583, issued byBanco del Estado de Chile in the amount of seven hundred andeighty-three thousand one hundred and eighty-five unidades de fomento,to expire September 26, 2003; |

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| (ii)  | Bond No.0085376, issued by Banco de Crédito e Inversiones in the amountof nine hundred thousand unidades de fomento, to expire September 25,2003; and |

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| (iii)  | Bond No. 18615, issued by BancoSecurity in the amount of three hundred thousand unidades de fomento,to expire September 25, 2003; |

The representative of SantaIsabel declares receipt of such documents to his full satisfaction.

**FIFTH: Representations by the Parties**

For purposes hereof, the parties represent the following:

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| (a)  | Both the execution of this agreement as well asperformance of all obligations herein contained are within theauthority of the parties, have been approved by the management organsof each thereof, and constitute a valid and binding contract. |

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| (b)  | The execution and performance of this agreement byboth parties does not breach nor conflict with their repsective by-lawsnor those of the Company, nor breach or violate any legal,administrative, regulatory rule or judicial resolution notified andbinding upon the parties. |

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| (c)  | Telefónicarepresents that the shares sold are free of any lien, prohibition,attachment, debt or litigation. |

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| (d)  | The partiesdeclare the option agreement dated September 26, 2002 to be fulfilledin full and grant each other an ample and complete discharge. |

SIXTH: Termination of Agreement

Pacífico,Atlántico and Telefónica hereby agreed to terminate andannul all parts of the Shareholders' Agreement they signed asshareholders in Sonda by private deed dated September 26, 2002, and togrant each other a full and complete discharge in such regard. Thisdischarge does not include the obligations assumed byCompañía de Telecomunicaciones de Chile S.A. in theframework of such Shareholders' Agreement as the parent companyof Telefónica Empresas CTC Chile S.A., pursuant to an agreementset out in the public deed dated September 26, 2002, executed beforeRaúl Undurraga Laso, Notary of Santiago, which remain in fullforce.

SEVENTH: Miscellaneous

**Expenses:** All fees, expenses and costs derived fromthis agreement will be paid by the Buyers.

**GoverningLaw**. This agreement is governed by the laws of the Republic ofChile.

**Domicile.** For all legal purposes derivedherefrom, the parties elect their domicile as the city and borough ofSantiago.

**Authorities.** The authority of therepresentative of Telefónica Empresas CTC Chile S.A. isevidenced in the public deed dated July 30, 2002, executed beforeAlvaro Bianchi Rosas, Notary Public of Santiago.

Theauthority of the representatives of Inversiones Pacífico IILimitada is evidenced in the public deed executed October 27, 1995 inthe Santiago Notarial Office of Mr. Andrés Rubio Flores.

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The authority of the representativesof Inversiones Atlántico Limitada is evidenced in the publicdeed executed October 27, 1995 in the Santiago Notarial Office of Mr.Andrés Rubio Flores.

The authority of therepresentative of Inversiones Santa Isabel Limitada is evidenced in thepublic deed executed October 27, 1995 in the Santiago Notarial Officeof Mr. Andrés Rubio Flores.

In witness whereof,the parties so execute and sign after reading, together with theauthenticating notary. A copy is given. I attest.

/s/ ANDRES NAVARRO HAEUSSLER

ANDRES NAVARRO HAEUSSLER

for INVERSIONESPACIFICO II LIMITADA

for INVERSIONES ATLANTICOLIMITADA

for INVERSIONES SANTA ISABEL LIMITADA

/s/ PABLO NAVARRO HAEUSSLER

PABLO NAVARRO HAEUSSLER

for INVERSIONESPACIFICO II LIMITADA

for INVERSIONES ATLANTICOLIMITADA

/s/ CLAUDIO MUÑOZZUÑIGA

CLAUDIO MUÑOZ ZUÑIGA

for TELEFONICA EMPRESAS CTC CHILE S.A.

I do certify that this copy, consisting of

4 pages, is a true record of the original.

Santiago, August 27, 2003

/s/ RENEBENAVENTE CASH

RENE BENAVENTE CASH

45th Notary Public ofSantiago

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