Millicom (Tigo) strengthens its position in Colombia following the successful acquisition of the government stake in Coltel
Rhea-AI Summary
Millicom (TIGO) completed acquisition of the remaining 32.5% equity stake in Colombia Telecomunicaciones (Coltel) formerly held by La Nación, finalizing consolidation after February 2026's tender offer for Telefónica’s controlling stake.
This full integration creates a larger operator with greater investment capacity aimed at accelerating nationwide 5G deployment, improving service quality, and supporting digital inclusion across Colombia.
Positive
- Acquired remaining 32.5% equity stake in Coltel
- Finalized consolidation after Telefónica tender offer in February 2026
- Greater scale to support nationwide 5G deployment
- Increased investment capacity for network and service upgrades
Negative
- Intense competition from global digital platforms, satellite providers, and new connectivity entrants
News Market Reaction – TIGO
In the Apr 28 session, TIGO declined 0.92%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 10 | Chile acquisition structure | Positive | -3.8% | Structured joint acquisition of Telefónica Chile to capture value with risk controls. |
| Oct 30 | Ecuador acquisition close | Positive | +0.7% | Completed USD 380M purchase of Telefónica Ecuador, expanding South American footprint. |
| Oct 07 | Uruguay acquisition close | Positive | +0.2% | Closed USD 440M acquisition of Movistar Uruguay following final government approval. |
| Jun 13 | Ecuador deal signing | Positive | +1.6% | Signed definitive agreement to acquire Telefónica Ecuador, entering a growing market. |
| May 21 | Uruguay deal signing | Positive | +0.4% | Announced USD 440M agreement to buy Telefónica Uruguay, targeting EFCF accretion. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Acquisition announcements have generally seen modestly positive price reactions, with four of the last five tagged acquisition events closing higher despite one notable negative reaction.
Over the past year, Millicom has executed a series of acquisitions across South America, including Telefónica operations in Uruguay and Ecuador and a jointly structured deal in Chile. These moves expanded its regional footprint and were framed as strategically accretive. Today’s news about fully consolidating Coltel in Colombia fits this ongoing strategy of scaling in key Latin American markets and building network and service synergies across countries.
Key Terms
tender offer financial
5g technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Millicom (Tigo) strengthens its position in Colombia following the successful acquisition of the government stake in Coltel
This milestone enhances scale and investment capacity to strengthen network capabilities and support future growth in Colombia.
Luxembourg, April 27, 2026 – Millicom International Cellular S.A. ("Millicom") today announced it has acquired the remaining
The acquisition represents a decisive moment for the Colombian telecommunications sector. By integrating Coltel fully into its operations, Millicom is creating a large-scale, financially viable operator with the enhanced investment capacity required to accelerate the country’s digital transformation.
The consolidation delivers the scale needed to accelerate nationwide 5G deployment, enhance service quality through combined technical capabilities, and support government efforts to expand digital inclusion—ultimately providing faster, more reliable connectivity and a more seamless digital experience for millions of Colombians.
The transaction takes place in an evolving competitive landscape, where traditional operators compete with global digital platforms, satellite providers, and other connectivity players. Scale, investment capacity, and operational efficiency are key to remaining competitive.
"This final step in the acquisition of Coltel reflects our long-term commitment and conviction in Colombia as a core market," said Marcelo Benitez, CEO of Millicom. "By unifying these operations, we are strengthening our ability to compete in a rapidly evolving industry, accelerate next-generation infrastructure, and contribute to Colombia’s long-term digital and economic development."
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For further information, please contact
| Press: Sofía Corral, Director Corporate Communications press@millicom.com | Investors: Luca Pfeifer, VP for 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 December 31, 2025, Millicom, including its Honduras Joint Venture, employed approximately 15,000 people and provided mobile and fiber-cable services through its digital highways to approximately 52 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.
