Millicom, known as Tigo, has finalized the public acquisition offer for Telefónica's majority stake in Colombia Telecomunicaciones, ending 20 years of the Spanish company's operations in the local telecom market. The deal, worth US$214.4 million, gives Millicom 67.5% ownership and over 40 million lines. A second phase is expected in April to acquire the remaining shares.
Millicom completes OPA for Telefónica in Colombia
After two decades in the Colombian market, Telefónica has closed its participation in local telecommunications. The company arrived in 2005 with the acquisition of the country's second mobile operator and, a year later, bought the majority of shares in Colombia Telecomunicaciones. During this time, it drove the expansion of technologies such as broadband, fiber optics, and 4G and 5G mobile networks.
Millicom, under the Tigo brand, concluded the public acquisition offer (OPA) for the 67.5% majority stake in Colombia Telecomunicaciones S.A. E.S.P., valued at US$214.4 million. With this transaction, Millicom takes over 67% of Movistar and more than 40 million lines.
The acquisition aims to strengthen Colombia's telecom sector by creating a solid operator capable of investing in networks, spectrum, and technology. This will consolidate a second large-scale operator, expand access to advanced digital services, and accelerate the nationwide rollout of fiber and 5G, improving connectivity and customer experience.
Alfonso Gómez, CEO of Telefónica Hispanoamérica, stated: “during two decades we were more than a network. We consolidated ourselves as the connection that united homes, boosted businesses, and brought opportunities closer”. He added: “from cities to the most remote regions, we wove a network that grew alongside our customers. Today we close a chapter, but the connection does not turn off: it transcends”.
Marcelo Benítez, executive director of Millicom, affirmed: “this acquisition represents a decisive step in strengthening our long-term commitment to Colombia. It provides us with greater scale, resilience, and investment capacity”. Benítez also noted that Colombia is a fundamental market for Millicom and that they will continue collaborating with regulators to foster competition and digital inclusion.
Millicom awaits phase 2 of the privatization process in April to acquire the remaining shares, positioning the operator to support the country's digital transformation and sustainable development.
