[4] In 1970 Villalonga began attending his great uncle's alma mater, the University of Deusto, to earn a degree in law.
While undertaking an MBA at the IESE in Barcelona, Spain,[2] University of Navarre from 1975 to 1977,[1] he completed his military service, rising to the rank of Alferez (Second Lieutenant) (1974–1975).
[4] In 1996,[4] Villalonga was appointed chief executive officer of Telefónica, proposed by shareholders[4] Argentaria, Banco Bilbao, La Caixa,[6] and with endorsement of the Spanish Premier, Jose Maria Aznar.
He aggressively acquired several local start-ups in Spain and the main Latin American markets, turning Terra into a major internet company.
[11] These acquisitions included Ole (Spain), Zaz (Brazil), Infosel (Mexico), Gauchonet y Donde (Argentina) and Chevere (Venezuela).
[1] It opened the U.S. market of 30 million Spanish speakers to Terra and provided access to parts of the world where Telefónica did not yet have a foothold, such as Asia.
[11] In June 2000, Villalonga strengthened the international standing of Telefónica’s Spanish Group in an equity swap known as "Operation Verónica."
[16] In August 2000, the Spanish stock market commission, the Comisión Nacional del Mercado de Valores (CNMV), cleared Villalonga of insider trading charges.