Convergencia Research, Consultoría especializada en Latinoamérica y Caribe
Thursday, February 21, 2019

Telefónica shrinks to lower debt and Millicom expands

As anticipated yesterday in an Extra News, Telefónica made the sale of its subsidiaries in Costa Rica, Panama and Nicaragua for € 1.455 billion to Millicom, which operates with Tigo brand in the region.

Millicom strengthens its presence in the region after acquiring more than 8.7 million customers among the three countries, where Movistar was the leader in both Nicaragua and Panama, and was the second largest operator in Costa Rica. This is in addition to the cable network services that Tigo already offers in these three countries and the recent acquisition of Cable Onda, the cable operator in Panama, is added.

Mauricio Ramos, CEO of Millicom, stated that "this substantial investment in leading mobile operations in the market will make our combined businesses even stronger. As a result thereof, we now have both fixed and mobile businesses in each market in which we operate in Latin America. The transaction gives us a full scale in the market and the benefits of significant synergies".

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