Millicom increases Tigo Panama ownership to 100%

Rhea-AI Summary

Millicom has successfully completed the acquisition of the remaining 20% stake in Tigo Panama, raising its ownership to 100%. This acquisition reflects an exercise of the founders’ liquidity option as outlined in the 2018 Shareholders’ Agreement. With this deal finalized on June 29, 2022, Millicom solidifies its position as the leading telecommunications provider in Panama. The company aims to enhance its service offerings across various digital platforms, benefiting its substantial customer base.

Positive

• Acquisition of 100% ownership in Tigo Panama strengthens market position.
• Tigo Panama is the leader in Panama's telecommunications market.

Negative

• None.

Millicom increases Tigo Panama ownership to 100%

Luxembourg, June 29, 2022 – Millicom closed today the previously-announced transaction to acquire the remaining 20% interest in Telecomunicaciones Digitales, S.A. (formerly known as Cable Onda S.A. or “Tigo Panama”) reflecting an exercise of the founders’ liquidity option as provided for in the Shareholders’ Agreement, which was entered into in 2018. As a result, Millicom now owns 100% of Tigo Panama, the leader in Panama’s telecommunications market.

For further information, please contact:

Press: Yocasta Valdez, Sr. Manager Digital Media & Communications press@millicom.com

Investors: Michel Morin, VP Investor Relations Sarah Inmon, Director Investor Relations investors@millicom.com

About Millicom

Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of March 31, 2022, Millicom employed approximately 20,000 people and provided mobile and fiber-cable services through its digital highways to around 50 million customers, with a fiber-cable footprint of close to 13 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.

 

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FAQ

What was the purpose of Millicom's acquisition of Tigo Panama?

Millicom aimed to acquire the remaining 20% stake to achieve 100% ownership and strengthen its position in Panama's telecommunications market.

When did Millicom complete the acquisition of Tigo Panama?

The acquisition was completed on June 29, 2022.

What does Tigo Panama's acquisition mean for Millicom shareholders?

The acquisition may enhance shareholder value by reinforcing Millicom's leading position in the telecommunications sector in Panama.

How does Tigo Panama stand in the market?

Tigo Panama is recognized as the leader in the telecommunications market in Panama.