Wedoany.com Report on Feb 11th, Millicom has successfully completed the $215 million acquisition of Telefónica's Colombian subsidiary, Coltel, laying the groundwork for its merger with its Tigo operations to strengthen its position in Colombia's telecommunications market. The acquisition, finalized on February 6, involves a 67.5% stake in Coltel. The company is now awaiting the second phase of a government-led privatization process to acquire the remaining shares.

Millicom stated that this transaction will help "strengthen Colombia's telecommunications industry" by consolidating resources to create a financially stronger operator with the investment capacity needed to upgrade networks, spectrum, and technology. The company believes that forming a second "financially viable operator" capable of expanding 5G and fiber coverage will support Colombia's broader digital transformation goals and enhance overall industry competitiveness.

Millicom's CEO, Marcelo Benitez, said: "This transaction marks a 'decisive step' in the group's long-term commitment to Colombia, enabling faster fiber and 5G deployment, broader coverage, and improved service quality for millions of users." This move reflects Millicom's strategic positioning in the telecom market, aiming to enhance user loyalty through technological upgrades and service optimization.

Millicom operates in 11 countries across Latin America and continues to acquire Telefónica's assets in markets such as Chile, Uruguay, and Ecuador, as the Spanish group Telefónica gradually exits countries with lower growth to focus on core markets. This acquisition further solidifies Millicom's position in the Latin American telecom market and provides support for future business expansion.