Welcome to our dedicated page for Millicom International Cellular S.A. news (Ticker: TIGO), a resource for investors and traders seeking the latest updates and insights on Millicom International Cellular S.A. stock.
Millicom International Cellular S.A. (TIGO) is a prominent telecommunications company based in Luxembourg, specializing in providing fixed line and mobile services. Operating under the Tigo brand, Millicom has a significant presence in emerging markets across Latin America. The company delivers a range of telecom services including wireless and fixed-line solutions in countries such as Bolivia, Nicaragua, Panama, El Salvador, Guatemala, Paraguay, Colombia, Costa Rica, and Honduras. Notably, Millicom owns 100% of its operations in most of these countries, with a 50% stake in Colombia and 67% in Honduras.
Millicom's robust infrastructure supports comprehensive telecommunications services for millions. Its fixed-line networks reach approximately 13 million homes, while its wireless networks cover about 120 million people. The company is known for providing converged packages that can include fixed-line phone services, broadband, and pay television, along with its wireless offerings. This integrated approach allows Millicom to meet diverse consumer needs in less developed regions.
In 2024, Millicom plans to carve out its infrastructure assets and mobile financial services business, aiming to optimize its operations and enhance shareholder value. The company's focus on emerging markets and its strategic initiatives reflect its commitment to growth and adaptation in a rapidly evolving industry.
Recent developments include a share repurchase activity, which indicates the company’s confidence in its financial health and future prospects. This move is expected to provide value to shareholders and demonstrates Millicom’s proactive approach to managing its equity base.
Millicom’s financial performance and strategic initiatives are continually tracked and updated through various channels, ensuring stakeholders have access to the latest information on the company’s performance and market activities.
Millicom's subsidiary, Telefónica Celular del Paraguay S.A.E (Telecel Paraguay), has announced its intention to partially redeem $150,000,000 of its 5.875% Senior Unsecured Notes due 2027. The redemption is scheduled for September 23, 2024. According to the terms of the indenture governing the Notes, the redemption price will be 100% of the principal amount, plus accrued and unpaid interest and Additional Amounts (if any) up to, but not including, the Redemption Date.
This announcement does not constitute an offer to sell or a solicitation to buy any security, nor does it serve as a formal notice of redemption under the Indenture. The company emphasizes that this action does not represent an offer, solicitation, or sale in any jurisdiction where such activities would be unlawful.
Millicom International Cellular S.A., operating under the brand name Tigo, has announced the filing of a standard form for notification of major holdings with the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg on September 06, 2024. This regulatory filing is a important step in maintaining transparency regarding significant shareholdings in the company. The announcement does not provide specific details about the nature of the holdings or the parties involved, but it signals compliance with regulatory requirements for disclosing substantial changes in ownership structure.
Millicom International Cellular S.A. announced the expiration of its previously announced consent solicitation from holders of its senior notes due in 2026, 2028, 2029, 2031, and 2032. The company sought to amend certain provisions of the indentures governing these notes. However, Millicom stated that the Proposed Amendments will not be made. This announcement does not constitute an offer to sell or issue securities, nor a solicitation to buy or subscribe for securities in any jurisdiction. The consent solicitation was directed at holders of record as of August 2, 2024.
Millicom International Cellular S.A. (TIGO) has announced an extension of its consent solicitations for holders of its senior notes due 2026, 2028, 2029, 2031, and 2032. The extension is related to proposed amendments to the notes' indentures, which would prevent a Change of Control Triggering Event in connection with Atlas Luxco S.à r.l.'s offer to purchase Millicom's shares. The consent deadline is extended to August 23, 2024, at 5:00 p.m. New York City time.
Millicom is offering a Consent Fee of $2.50 per $1,000 principal amount of notes for valid consents. The amendments require approval from holders of at least a majority of each note series. If approved, the amendments would prevent noteholders from being entitled to a 101% purchase offer, even if the acquisition and a rating decline occur.
The independent committee of the Board of Directors of Millicom (Tigo) advises shareholders to reject Atlas Luxco S.A.'s revised cash offer of USD $25.75 per common share and SDR, up from USD $24.00. The committee asserts that the offer undervalues Millicom, despite a 5.8% to 17.6% premium over various recent stock prices. The committee's decision is backed by strong Q2 2024 financial results: revenue up 4.7%, EBITDA up 23.1%, and operating cash flow up 50.2% year-over-year. Millicom's equity free cash flow for Q2 2024 was $268 million, and leverage decreased from 3.10x to 2.77x. The committee also considered Nordea's fairness opinion, which found the revised offer price unfair. Atlas holds approximately 29.17% of Millicom's shares and has set conditions for the offer's completion. Shareholders who have already tendered at the original price will receive the revised offer price automatically. The recommendation against accepting the offer remains firm due to the undervaluation of Millicom's shares and strong financial performance.
Millicom's Independent Committee is reviewing revised tender offers from Atlas Luxco S.à r.l. Atlas has increased its offer price from $24.00 to $25.75 per Share to acquire all outstanding common shares and SDRs in Millicom (TIGO) that it doesn't currently own. The Independent Committee, which previously rejected the original offer as undervaluing Millicom, will evaluate the revised offers and announce its recommendation within five business days.
The committee advises shareholders to take no action pending their review. Millicom is receiving financial advice from Goldman Sachs International and Morgan Stanley & Co. International plc, while Nordea Bank Abp, filial i Sverige, Corporate Finance is acting as independent financial advisor to the Independent Committee.
Millicom International Cellular S.A. (TIGO) has announced consent solicitations to amend its outstanding senior notes. The company is seeking consent from holders of its 6.625% Senior Notes due 2026, 5.125% Senior Notes due 2028, 6.250% Senior Notes due 2029, 4.500% Senior Notes due 2031, and 7.375% Senior Notes due 2032. The proposed amendments are related to Atlas Luxco S.à r.l.'s offer to purchase all of Millicom's outstanding common shares.
The amendments aim to prevent a Change of Control Triggering Event that would require Millicom to make a purchase offer at 101% of the principal amount plus accrued interest. Millicom will pay a $2.50 per $1,000 principal amount consent fee to noteholders who approve the amendments by August 14, 2024. The changes will be effective if a majority of noteholders consent for each series.
Millicom (Tigo) reported strong Q2 2024 results with revenue up 4.7% to $1.46 billion and EBITDA up 23.1% to $634 million. Operating profit surged 74.1% to $345 million, while net income reached $78 million ($0.46 per share). The company generated $268 million in equity free cash flow and reduced leverage to 2.77x.
CEO Marcelo Benitez highlighted the company's transformation efforts, focusing on increasing cash flow generation, streamlining operations, and enhancing productivity. Millicom is prioritizing ARPU growth in Mobile, reducing churn in Home, and accelerating B2B growth. The company targets equity-free cash flow above $600 million in 2024 and aims to reduce leverage to near 2.5x by year-end.
Liberty Latin America (LLA) and Millicom have agreed to combine their operations in Costa Rica, creating a joint venture with LLA holding approximately 86% and Millicom 14%. The combined entity had an Adjusted OIBDA of $255 million, over 440,000 broadband subscribers, and net debt of $533 million as of December 31, 2023. This merger aims to accelerate fiber network expansion, enhance competition, and improve services for Costa Rican consumers.
The transaction is expected to close in the second half of 2025, subject to regulatory approvals. The combined company will focus on transitioning to Fiber-to-the-Home (FTTH) technology, offering high-speed services, and driving innovation in the telecommunications sector.
Millicom (NASDAQ: TIGO) has announced potential acquisitions in Colombia, entering a non-binding memorandum of understanding with Telefonica. The deal involves the possible combination of Telefonica Colombia (Coltel) and TigoUne. Millicom plans to acquire Telefonica's stake in Coltel for about $400 million in cash and intends to offer to purchase La Nación's and other minority interests in Coltel at the same price. Additionally, Millicom aims to acquire Empresas Públicas de Medellin's 50% interest in TigoUne.
The total investment is estimated at $1 billion in cash and assumed debt, to be funded through equity free cash flow over the next 18 months. The transaction is subject to definitive agreements, regulatory approvals, and other conditions. If successful, the combined entity would create a robust telecom operator in Colombia, supporting digital inclusion objectives and advancing Fiber and 5G technologies deployment.
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