Millicom now operates two of Colombia’s largest mobile carriers after acquiring Movistar Colombia. The company faces integration and regulatory decisions across the combined Tigo and Movistar businesses.
Millicom, which operates under Tigo, successfully concludes its tender offer for Telefónica’s controlling stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel), operator of Movistar in Colombia. The transaction is expected to close subsequently at a price of approximately USD 214.4 million.
Telefónica’s exit from Colombia moves closer after the Colombian government offloads its stake in Coltel, the joint venture operating Movistar. The move clears a path for Millicom to take full ownership of the operator.
Telefónica agrees to sell its Colombian mobile unit to Millicom for about $400 million. The deal transfers control of the Movistar operator and a major share of Coltel, the joint venture, to Millicom, the parent company of Tigo.
