Millicom completes 100% acquisition of Tigo Panama

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The news comes following the exercise of the founders’ liquidity option included in the shareholders’ agreement, which was concluded in 2018, so that Millicom now owns 100% of Tigo Panama.

Announced in 2018, the sales were announced as part of a billion dollar deal that saw Millicom acquire an 80% stake in Tigo Panama.

At the time, Mauricio Ramos, CEO of Millicom, said: “Our acquisition of Cable Onda is consistent with our strategy of accelerating the deployment of high-speed data networks in Central and South America.”

Following this, Millicom completed the purchase of Telefónica Móviles Panamá in a €573 million deal, in 2019.

The deal is part of a three-part acquisition, the company closed the €379 million acquisition of Telefoníca Celular de Nicaragua in May 2019. The third acquisition, of Telefónica Costa Rica for €503 million, was not realized instead it was sold to Liberty Latin America in 2020.

In a similar vein, November 2021 saw the announcement of its intention to acquire the remaining 45% stake in its joint ventures in Guatemala (Tigo Guatemala) for $2.2 billion in cash.

Once completed, Millicom will own a 100% stake in Tigo Guatemala and the transaction is expected to be accretive to Millicom’s cash flow and bottom line, increasing the company’s free cash flow by approximately $200 million. dollars before additional financing costs.

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