Millicom completes 100% acquisition of Tigo Panama


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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