Millicom (Tigo) strengthens its position in Colombia following the successful acquisition of the government stake in Coltel

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.

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

Argus Apr 28 session

-0.92% close to close Open Argus

Details

News Market Reaction – TIGO

On Apr 28, the first trading day after this news, TIGO closed 0.92% below the previous close.

Data tracked by StockTitan Argus for the Apr 28 session.

Market Context

This announcement completes Millicom’s consolidation of Coltel by acquiring the remaining 32.5% stak...

Analysis

This announcement completes Millicom’s consolidation of Coltel by acquiring the remaining 32.5% stake, reinforcing Colombia as a core market. It fits a broader pattern of South American expansion through acquisitions in Uruguay, Ecuador and Chile. Investors may watch for disclosures on integration progress, capital expenditure for 5G deployment, and how these moves affect leverage and cash generation across Millicom’s Latin American portfolio.

Key Figures

Remaining Coltel stake acquired: 32.5% equity stake Current share price: $82.83 Relative volume: 0.57x +5 more

Remaining Coltel stake acquired

32.5% equity stake

Government stake in Colombia Telecomunicaciones S.A. E.S.P.

Current share price

$82.83

Pre-news trading level for TIGO

Relative volume

0.57x

Today’s volume vs 20-day average

200-day moving average

$55.96

Technical support reference level

24h price change

-0.2%

Pre-announcement daily move

Ecuador acquisition value

USD 380 million

Telefónica Ecuador purchase (Oct 30, 2025)

Uruguay acquisition value

USD 440 million

Telefónica Uruguay enterprise value (Oct 7, 2025)

Avg move on acquisitions

-0.18%

Average 24h move over last 5 acquisition-tagged events

Previous Acquisition Reports

5 past events · Latest: Feb 10

Same Type 5 events

1. Feb 10

   Chile acquisition structure

   24h Move

   -3.8%

   Structured joint acquisition of Telefónica Chile to capture value with risk controls.

2. Oct 30

   Ecuador acquisition close

   24h Move

   +0.7%

   Completed USD 380M purchase of Telefónica Ecuador, expanding South American footprint.

3. Oct 07

   Uruguay acquisition close

   24h Move

   +0.2%

   Closed USD 440M acquisition of Movistar Uruguay following final government approval.

4. Jun 13

   Ecuador deal signing

   24h Move

   +1.6%

   Signed definitive agreement to acquire Telefónica Ecuador, entering a growing market.

5. May 21

   Uruguay deal signing

   24h Move

   +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.

Key Terms

tender offer, 5g

2 terms

tender offer financial

"This milestone follows the successful conclusion of the tender offer for Telefónica’s controlling stake"

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

View in glossary

5g technical

"The consolidation delivers the scale needed to accelerate nationwide 5G deployment"

5G is the fifth generation of wireless technology that provides faster internet connections, lower latency, and greater capacity than previous networks. It enables quicker downloads, smoother streaming, and more reliable connections for devices. For investors, 5G represents a significant upgrade in technology infrastructure that can drive growth in related industries such as smartphones, smart cities, and the Internet of Things.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 32.5% equity stake in Colombia Telecomunicaciones S.A. E.S.P. ("Coltel") formerly held by La Nación. This milestone follows the successful conclusion of the tender offer for Telefónica’s controlling stake in February 2026 and marks the final step in Millicom’s strategic consolidation of the entity.

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."

-END-

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Millicom (TIGO) announce about Coltel on April 27, 2026?

Millicom announced it acquired the remaining 32.5% stake in Coltel, completing consolidation. According to Millicom, this follows the February 2026 tender offer for Telefónica’s controlling stake and marks the final integration step.

How does the Coltel acquisition affect Millicom's 5G plans in Colombia (TIGO)?

The acquisition increases scale and investment capacity to accelerate nationwide 5G deployment. According to Millicom, integrating Coltel aims to speed infrastructure rollout and improve service quality across Colombia.

Will the Coltel deal change service quality for TIGO customers in Colombia?

Millicom says full integration is meant to enhance service quality through combined technical capabilities. According to Millicom, customers should see efforts to deliver faster, more reliable connectivity and a more seamless digital experience.

Why is the Coltel consolidation significant for Millicom (TIGO) investors?

The consolidation creates a larger, financially viable operator with enhanced investment capacity. According to Millicom, this scale is intended to support infrastructure investment, competitive positioning, and long-term digital growth in Colombia.

What competitive challenges does Millicom face after the Coltel acquisition (TIGO)?

Millicom faces an evolving landscape with competition from global digital platforms and satellite providers. According to Millicom, scale, investment capacity, and operational efficiency will be key to remaining competitive.