Millicom, the telecommunications company holding nearly 50% of the capital of Colombian operator Tigo, announced on March 12 that it had entered into a definitive agreement to acquire Colombian assets owned by Telefónica, which has a 67.5% stake in Movistar Colombia. A preliminary agreement had been signed in July 2024. The acquiring company explained the following: “The purchase price of USD 400 million is subject to customary adjustments for net debt evolution, working capital and changes in foreign exchange rates, and as of September 30, 2024, would be USD 362 million.”

In line with the preliminary agreement, Millicom has ratified its offer to acquire the remaining 32.5% of Movistar Colombia’s shares, most of which are owned by Colombia’s government, as well as its offer to acquire the stake held by its partner Empresas Públicas Medellín (EPM) in Tigo, which is close to 50% of the operator’s capital.

Both Tigo and Movistar provide Pay TV, fixed Internet, fixed phone and mobile services in the Colombian market. These two operators combinaed will become the second most important telecommunications company in Colombia, after Claro (América Móvil).