Millicom (Tigo) completes acquisition of Telefónica in Uruguay, strengthening its regional footprint in South America
Millicom (TIGO) completed the acquisition of 100% of Telefónica Móviles del Uruguay S.A. (Movistar) on October 7, 2025 for an enterprise value of USD 440 million, following final approval from the Government of Uruguay.
The transaction gives Millicom an entry into Uruguay, expands its South America footprint, and is expected to create synergies across networks, operations, and commercial services. Integration is projected to deliver positive contributions to free cash flow beginning in 2026. The company said it will invest in infrastructure, innovation, and digital inclusion while complementing its regional coverage.
Millicom (TIGO) ha completato l'acquisizione del 100% di Telefónica Móviles del Uruguay S.A. (Movistar) il 7 ottobre 2025 per un valore d'impresa di USD 440 milioni, dopo l'approvazione finale del Governo dell'Uruguay.
L'operazione permette a Millicom di entrare in Uruguay, amplia la sua presenza in Sud America ed è prevista la creazione di sinergie tra reti, operazioni e servizi commerciali. L'integrazione dovrebbe contribuire positivamente al flusso di cassa libero entro il 2026. L'azienda ha dichiarato che investirà in infrastrutture, innovazione e inclusione digitale, completando la copertura regionale.
Millicom (TIGO) completó la adquisición del 100% de Telefónica Móviles del Uruguay S.A. (Movistar) el 7 de octubre de 2025 por un valor empresarial de USD 440 millones, tras la aprobación final del Gobierno de Uruguay.
La operación le da a Millicom una entrada en Uruguay, amplía su presencia en Sudamérica y se espera que genere sinergias entre redes, operaciones y servicios comerciales. Se prevé que la integración aporte contribuciones positivas al flujo de caja libre a partir de 2026. La empresa indicó que invertirá en infraestructura, innovación e inclusión digital, al tiempo que complementa su cobertura regional.
밀리콤(TIGO)은 우루과이의 Telefónica Móviles del Uruguay S.A. (Movistar) 지분 100%를 2025년 10월 7일에 인수 완료했으며, 기업가치로 미화 4억 달러를 기록했습니다. 이는 우루과이 정부의 최종 승인을 받은 후입니다.
이번 거래로 밀리콤은 우루과이에 진입하고 남미에서의 입지를 확장하며 네트워크, 운영 및 상업 서비스 전반에서 시너지를 창출할 것으로 기대됩니다. 통합은 2026년부터 자유현금흐름에 긍정적 기여를 제공할 것으로 예상되며, 회사는 인프라, 혁신 및 디지털 포용에 투자하고 지역 커버리지를 보완할 것이라고 밝혔습니다.
Millicom (TIGO) a finalisé l'acquisition de 100% de Telefónica Móviles del Uruguay S.A. (Movistar) le 7 octobre 2025 pour une valeur d'entreprise de USD 440 millions, après l'approbation finale du Gouvernement de l'Uruguay.
La transaction donne à Millicom un accès à l'Uruguay, étend son empreinte en Amérique du Sud et devrait générer des synergies entre réseaux, opérations et services commerciaux. L'intégration devrait apporter des contributions positives au flux de trésorerie disponible à partir de 2026. L'entreprise a déclaré qu'elle investirait dans les infrastructures, l'innovation et l'inclusion numérique tout en complétant sa couverture régionale.
Millicom (TIGO) hat die Übernahme von 100% von Telefónica Móviles del Uruguay S.A. (Movistar) am 7. Oktober 2025 für einen Unternehmenswert von USD 440 Millionen nach der endgültigen Genehmigung durch die Regierung von Uruguay abgeschlossen.
Die Transaktion verschafft Millicom einen Markteintritt in Uruguay, erweitert seine Präsenz in Südamerika und soll Synergien über Netze, Betrieb und kommerzielle Dienstleistungen schaffen. Es wird erwartet, dass die Integration positive Beiträge zum freien Cashflow ab 2026 leisten wird. Das Unternehmen sagte, es werde in Infrastruktur, Innovation und digitale Teilhabe investieren und dabei seine regionale Abdeckung ergänzen.
ميلlicom (TIGO) أكملت استحواذها على 100% من Telefónica Móviles del Uruguay S.A. (Movistar) في 7 أكتوبر 2025 بقيمة شركة تبلغ 440 مليون دولار أمريكي، بعد الموافقة النهائية من الحكومة الأوروغوايانية.
توفر الصفقة لشركة Millicom وصولاً إلى أوروغواي، وتوسع وجودها في أمريكا الجنوبية، ومن المتوقع أن تخلق تعاونا عبر الشبكات والعمليات والخدمات التجارية. ومن المتوقع أن تسهم الدمج إيجابياً في التدفق النقدي الحر ابتداءً من 2026. وقالت الشركة إنها ستستثمر في البنية التحتية والابتكار والشمول الرقمي مع تكملة تغطيتها الإقليمية.
Millicom (TIGO) 已于 2025年10月7日 完成对 Telefónica Móviles del Uruguay S.A. (Movistar) 100% 的收购，企业价值为 4亿美元，经乌拉圭政府最终批准后完成。
该交易使 Millicom 打入乌拉圭，扩大在南美的布局，预计将在网络、运营及商业服务方面产生协同效应。预计整合将从 2026 年起对自由现金流产生正向贡献。公司表示将投资基建、创新和数字包容，同时完善其区域覆盖。
- Enterprise value of USD 440 million
- Official market entry into Uruguay on October 7, 2025
- Synergies across networks, operations, and commercial services
- Integration projected to add free cash flow from 2026
- None.
Insights
Acquisition expands regional scale with a defined price and a near-term cash‑flow milestone.
The deal buys 100% of Telefónica Móviles del Uruguay S.A. for
Synergy claims focus on networks, operations and commercial services; those are standard value levers but require clear integration plans and cost baselines to realize savings.
Watch the integration execution and the company’s ability to meet the stated contribution to free cash flow beginning in
Transaction size and projected timeline imply manageable operational integration with measurable financial milestones.
The purchase price of
Key dependencies include integration of networks and operations, realization of stated synergies, and conversion of investments into positive free cash flow as claimed for
Concrete near-term items to monitor: confirmation of synergy run-rate, capital expenditure plans versus stated investments, and reported free cash flow contributions in the company’s fiscal disclosures through
Millicom (Tigo) completes acquisition of Telefónica in Uruguay, strengthening its regional footprint in South America
Luxembourg, October 7, 2025 – Millicom International Cellular S.A. (“Millicom”) today announced that, following final approval from the Government of Uruguay, it has completed the acquisition of
“This acquisition marks a decisive step in our growth strategy,” said Marcelo Benitez, CEO of Millicom. “We are thrilled to establish a presence in Uruguay – a country known for its stability and clear vision for digital transformation. We see tremendous value in the country’s talent, and our commitment is to invest in infrastructure, foster innovation, and create new opportunities that drive long-term digital growth.”
The transaction is expected to generate synergies across networks, operations, and commercial services, while also diversifying Millicom’s sources of value creation in a market with solid macroeconomic fundamentals and investment-grade credit ratings. Integration is projected to deliver positive contributions to free cash flow for shareholders beginning in 2026.
By adding Uruguay to its footprint, Millicom complements its coverage across South America, further consolidating its platform as one of the region’s principal telecom operators. The move also strengthens Millicom’s mission to accelerate digital inclusion and contribute to sustainable development across Latin America.
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For further information, please contact
| Press: Sofía Corral, Director Corporate Communications press@millicom.com | Investors: Luca Pfeifer, VP Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides 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, highspeed data, voice, and business-to-business solutions such as cloud and security. As of June 30, 2025, Millicom, including its Honduras Joint Venture, employed approximately 14,000 people and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida.
FAQ
What did Millicom (TIGO) acquire in Uruguay on October 7, 2025?
How much did Millicom pay for Movistar Uruguay (TIGO) and when closed?
When will the Millicom (TIGO) acquisition start contributing to free cash flow?
Did the Millicom (TIGO) purchase of Movistar Uruguay receive government approval?
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