Millicom deepened its hold in Latin America by taking full ownership of Tigo Panama, as part of wider plans to spread its operations in the country.
In a statement, Millicom said it acquired the remaining 20% of shares in n Telecomunicaciones Digitales formerly known as Tigo Panama, which the group claimed is the leading operator in Panama’s telecommunications market.
Millicom first acquired 80% of shares in Tigo Panama in 2018 from Cable Donda in a deal reportedly for over US$1 billion.
The market has been one of the major focuses for Millicom, as last year Millicom revealed it will invest US$250 million into it, which its local unit Tigo used to modernise fixed and mobile network.
Earlier this month Millicom outlined plans to invest US$700 million to bolster mobile and broadband networks in central American markets.
Millicom finalised its divestment from Africa with the sale of its Tanzanian unit in April to focus solely on emerging markets in Central and South American markets.
