Telefónica closes the sale of its Colombian subsidiary to Millicom

Telefónica has finally closed the sale of its Colombian subsidiary to the company Millicom. The operation, announced on July 31, 2024, will transfer the actions in the hands of Telefónica de Telefónica Colombia to the company. The operator had 67.5% of them, which made it its majority shareholder, and gave it the power to control the operator.

Millicom has also reached an offer to also keep 32.5% of the remaining shares of Telefónica Colombia, which were held by various investors. The Price you will pay for each of these actions will be the same as you will pay for each Telefónica title.

In line with what was announced on the day on which the sales agreement of the Colombian operator communicated, the sale price then agreed, 400 million dollars, has remained after certain adjustments due to the evolution of the net debt, the working capital and the variation of the rates of foreign currency exchange as on September 30, 2024, at 368 million euros.

The new combined entity that will result from the purchase of Telefónica Colombia, as they have stated from Millicent, will be reinforced enough, and will have sufficient scale and financial capacity to make the necessary investments in the network and the network spectrum to advance in the country’s digital inclusion objectives.

According to him CEO DE MILICOM, Marcelo Benítez«This transaction reinforces our presence in Colombia, and with this strategic movement, Millicom reaffirms its commitment to expand connectivity and coverage, accelerating digital transformation and contributing actively to the continuous growth and competitiveness of Colombia«.

As has communicated Telefónica In a report to the National Securities Market Commission, this operation is framed in the telephone group portfolio management policy, and is En Line with its gradual reduction strategy of the exhibition it has to Latin America.