Millicom closes US$215m acquisition of Telefónica Colombia unit
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Millicom has completed the acquisition of Telefónica’s Colombian unit Coltel in a US$215 million deal, paving the way for a merger with its Tigo operation to strengthen its position in the market.
In a statement, Millicom said it closed the purchase of a 67.5% stake in Coltel (Telefónica Colombia) on February 6 and is now awaiting the second phase of the government-led privatisation process to acquire the state’s remaining shares.
The company said the transaction will “strengthen Colombia’s telecommunications sector” by creating a financially stronger operator with the scale and investment capacity needed to upgrade networks, spectrum and technology.
Millicom argued that forming a second “financially viable operator” capable of expanding 5G and fibre coverage would support Colombia’s broader digital transformation ambitions.
Marcelo Benitez, CEO of Millicom, said the deal marks a “decisive step” in the group’s long-term commitment to Colombia, enabling faster deployment of fibre and 5G, wider coverage and improved service quality for millions of users.
Millicom operates across 11 countries in Latin America and has been acquiring assets from Telefónica in markets such as Chile, Uruguay and Ecuador, as the Spanish group exits lower-growth countries to focus on core markets.
