WOM Colombia has announced plans to roll out its 5G networks this year, following a bailout from new investors that rescued the operator from bankruptcy last week.
In an interview with Forbes, WOM Colombia CEO Ramiro Lafarga revealed the company will commence its 5G deployment in the country’s major cities during the second half of the year, over 18 months behind its competitors.
US and UK-based investors Sur Holdings have acquired a majority stake in Colombia’s fourth-largest operator from Novator Partners, which will remain a minority stakeholder. The value of the deal has not been disclosed.
Lafarga noted that the new shareholder has provided additional resources, enabling WOM to achieve profitability sooner. He added that the company has been undergoing reorganisation since May last year.
The Colombian government supported WOM’s survival by granting a three-year grace period on spectrum payments, aiming to preserve the country’s four-operator market and prevent a duopoly between Claro and the merging entity of Tigo-Movistar.
Forbes reported that WOM has invested over US$1 billion into its operations, installing more than 5,100 antennas and establishing a footprint of 475 retail stores.
