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Trilogy International Partners Inc. (TIP Inc.) is the parent company of Trilogy International Partners LLC, a wireless telecommunications operator founded by industry pioneers John Stanton, Theresa Gillespie, and Brad Horwitz. With a successful track record in 15 international markets, including establishing major US wireless operators, Trilogy currently operates 2degrees in New Zealand and Nuevatel (dba Viva) in Bolivia. Their recent financial results and operating activities demonstrate their commitment to transforming the telecommunications market.
Trilogy International Partners has received final government approval for the sale of its New Zealand operations, expected to close by late May 2022. The gross proceeds are estimated at approximately $930 million NZD. The company reported a 12% and 8% increase in fixed broadband and postpaid mobile subscribers, respectively, year-over-year. However, service revenues fell by 5% and net loss increased by 145%. Following the sale, Trilogy plans to pay off $450 million in debt and distribute an initial amount to shareholders within 60 days. The Bolivian operations sale is also pending.
Trilogy International Partners announced the New Zealand Overseas Investment Office has approved the merger of 2degrees with Orcon Group, allowing the sale of 100% equity in Two Degrees Group Limited to Voyage Digital (NZ) Limited. Trilogy holds a 73.17% stake in 2degrees. The company expects the transaction to finalize in the second quarter of 2022. Advisors for Trilogy include Montarne, while UBS is advising the buyers. This completion marks a significant step in Trilogy's business strategy.
Trilogy International Partners announced the sale of its New Zealand operations, Two Degrees Group Limited, on December 31, 2021, for an implied enterprise value of NZ$1.70 billion. Remaining approvals are expected in Q2 2022, while significant growth was observed in broadband (13%) and postpaid mobile subscribers (8%). Adjusted EBITDA exceeded guidance with a 12% year-over-year increase. Additionally, Trilogy plans to transfer its 71.5% interest in its Bolivian operations for nominal consideration, anticipated to close in Q2 2022. The company aims to distribute approximately $125 million to shareholders post-sale.
Trilogy International Partners (TSX:TRL) announced an agreement to transfer its 71.5% equity interest in Nuevatel (PCS de Bolivia) S.A. to Balesia Technologies, Inc. for nominal consideration. This transaction is expected to close in Q2 2022, pending customary conditions. The company currently offers wireless and fixed broadband services in New Zealand and Bolivia. Additionally, Trilogy's New Zealand subsidiary is involved in a pending purchase agreement, also set for closure in Q2 2022.
Trilogy International Partners Inc. (TLLYF) announced the results of a shareholder vote, with over 99.99% approval for the sale of its New Zealand subsidiary, 2degrees, to Voyage Digital. More than 76% of outstanding shares participated in the vote, which also included a capital reduction proposal. The Commerce Commission of New Zealand approved the transaction, pending further regulatory reviews. The company anticipates the deal closing in the second quarter of 2022.
Trilogy International Partners Inc. has announced it will release its fourth-quarter results for the period ending December 31, 2021, on March 30, 2022, after market close. A conference call to discuss these results is scheduled for March 31, 2022, at 1:00 p.m. PT. Participants can join via North America Toll-Free: 1-888-506-0062 or International: +1-973-528-0011, using Access Code 245819. A replay will be available shortly after the call. Trilogy operates in New Zealand and Bolivia, offering wireless communications services.
Trilogy International Partners Inc. (TLLYF) has entered into a definitive agreement to sell its 73.17% equity stake in Two Degrees Group Limited to Voyage Digital (NZ) Limited for an implied enterprise value of NZ$1.70 billion. The deal, expected to close in H1 2022, reflects an EV/EBITDA multiple of 8.9x based on recent adjusted EBITDA figures. Trilogy's board has unanimously approved the transaction, which requires shareholder approval. A bridge loan of up to $10 million will support corporate costs related to the deal.
Trilogy International Partners reported solid growth in its New Zealand operations, with fixed broadband and postpaid mobile subscribers increasing by 13% and 8%, respectively, compared to Q3 2020. B2B acquisitions fueled a 30% growth in gross additions. Total revenues reached $157.5 million, up 2%, while service revenues rose 6% to $134.4 million. However, the company faced a net loss of $127.7 million, a 455% increase from the previous year, largely due to an impairment charge of $113.8 million related to Bolivian assets amid ongoing economic challenges.
Trilogy International Partners Inc. (TSX:TRL) will report its third-quarter results for 2021 on November 9, 2021, after market close. A conference call is scheduled for November 10, 2021, at 10:30 a.m. PT to discuss the results. Participants can access the call via toll-free North America number 1-888-506-0062 or international number +1-973-528-0011, using entry code 756329. A replay will be available after the call. Trilogy provides wireless services in New Zealand and Bolivia. For more details, visit trilogy-international.com.
Trilogy International Partners Inc. announced a non-cash impairment charge of $110 million to $120 million related to its Bolivian subsidiary, NuevaTel, due to ongoing COVID-19 impacts. This charge will be recorded in Q3 FY2021 and reflects a failure to meet financial recovery expectations. Management is addressing liquidity issues associated with NuevaTel, though they assert this will not affect the company's overall business or strategic goals.
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