Millicom (Tigo) Successfully Concludes Tender Offer for Telefónica’s Controlling Stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel)

Rhea-AI Summary

Millicom (NYSE:TIGO) has concluded a tender offer to acquire Telefónica’s controlling 67.5% stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel) for USD 214.4 million. Closing is expected on February 6, 2026, and Millicom awaits Phase 2 of the privatization around April 2026 to pursue remaining shares.

The company says the acquisition will create a larger, financially solid operator to accelerate nationwide fiber and 5G rollout, expand digital services, and support competition and digital inclusion in Colombia.

Positive

• Acquired 67.5% of Coltel for USD 214.4 million
• Transaction closing expected on February 6, 2026
• Aims to accelerate nationwide fiber and 5G rollout
• Positioned to create a second large-scale, financially viable operator

Negative

• Remaining shares acquisition depends on Phase 2 privatization expected around April 2026
• Full ownership and control contingent on a future process and timing uncertainties

Key Figures

Acquisition price: USD 214.4 million Equity stake acquired: 67.5% Closing date: February 6 +2 more

5 metrics

Acquisition price USD 214.4 million Tender offer for Telefónica’s 67.5% equity stake in Coltel

Equity stake acquired 67.5% Telefónica’s controlling equity stake in Coltel

Closing date February 6 Expected closing of Telefónica stake acquisition in Coltel

Phase 2 timing around April Expected timing for Phase 2 privatization to acquire remaining shares

Countries of operation 11 countries Millicom operations across Latin America

Market Reality Check

Price: $65.21 Vol: Volume 1,061,528 is 9% be...

normal vol

$65.21 Last Close

Volume Volume 1,061,528 is 9% below the 20-day average of 1,160,824, suggesting no outsized positioning ahead of this news. normal

Technical Shares at $63.11 trade above the 200-day MA $45.51 and sit 1.7% below the 52-week high of $64.1999, reflecting a strong pre-news uptrend.

Peers on Argus

TIGO gained 0.49% while key telecom peers showed mixed but mostly positive moves...

TIGO gained 0.49% while key telecom peers showed mixed but mostly positive moves, with LBRDK up 4.91%, LBRDA up 4.46%, KT up 1.29%, and SKM and FYBR roughly flat. The modest move and lack of scanner momentum suggest this development was company-specific rather than a broad sector rotation.

Historical Context

5 past events · Latest: Jan 27 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 27	UNE stake auction win	Positive	+0.6%	Won public auction for EPM’s remaining UNE shares, nearing full ownership.
Nov 10	DOJ settlement	Positive	+3.6%	Resolved historical DOJ investigation via DPA, clarifying legal overhang.
Nov 06	Q3 2025 earnings	Positive	+3.8%	Strong Q3 results with record Adjusted EBITDA and reiterated 2025 targets.
Oct 30	Ecuador acquisition	Positive	+0.7%	Closed USD 380M purchase of Telefónica Ecuador, adding a new market.
Oct 16	Earnings notice	Neutral	-0.7%	Announced timing and details for upcoming Q3 2025 earnings release.

Pattern Detected

Recent news on acquisitions, earnings, and regulatory resolutions often coincided with positive or modestly positive price reactions, indicating investors have generally rewarded strategic expansion and balance sheet developments.

Recent Company History

Over the past few months, TIGO has reported several notable milestones. On Oct 30, 2025, it completed the USD 380 million Telefónica Ecuador acquisition, expanding its South American footprint. Strong Q3 2025 results on Nov 6, 2025 showed $1.42B revenue and record $695M Adjusted EBITDA, with shares rising 3.76%. A DOJ settlement on Nov 10, 2025 resolved historical issues and the stock gained 3.58%. On Jan 27, 2026, TIGO won EPM’s remaining UNE stake in Colombia, further consolidating its regional position. Today’s Coltel acquisition continues this Colombia-focused consolidation path.

Market Pulse Summary

This announcement details TIGO’s acquisition of Telefónica’s 67.5% stake in Coltel for USD 214.4 mil...

Analysis

This announcement details TIGO’s acquisition of Telefónica’s 67.5% stake in Coltel for USD 214.4 million, continuing a clear strategy of consolidating its position in Colombia following the UNE transaction. The move aims to create a larger, financially solid operator capable of investing in fiber and 5G infrastructure. Investors may monitor integration progress, timing of Phase 2 of the privatization process around April, and how these steps interact with TIGO’s broader Latin American footprint in 11 countries.

Key Terms

tender offer, privatization, 5g

3 terms

tender offer financial

"announced it has successfully concluded a tender offer for the acquisition"

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.

privatization regulatory

"awaiting Phase 2 of the privatization process launched by La Nación"

Privatization is the process of moving a company or asset from public (government) ownership into private hands, often by selling shares or transferring control to private investors. For investors it matters because privatization can change how a business is run, affect share prices and liquidity, and may create a one-time opportunity or risk — like a homeowner selling a shared building to a single buyer who then renovates or repurposes it.

5g technical

"accelerating the nationwide rollout of fiber and 5G—resulting in faster"

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. Not financial advice.

Millicom (Tigo) Successfully Concludes Tender Offer for Telefónica’s Controlling Stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel)

Luxembourg, February 5, 2026  – Millicom International Cellular S.A. (“Millicom”) today announced it has successfully concluded a tender offer for the acquisition of Telefónica’s controlling 67.5% equity stake in Colombia Telecomunicaciones S.A. E.S.P. (“Coltel”).  The closing of the acquisition is expected to take place tomorrow, February 6.

The tender offer was conducted in accordance with the terms publicly disclosed, with a price of USD 214.4 million for Telefónica’s controlling 67.5% equity stake in Coltel. Millicom is now awaiting Phase 2 of the privatization process launched by La Nación to acquire the remaining shares, expected around April.

As previously disclosed, this transaction is intended to strengthen Colombia’s telecommunications sector by creating a financially solid operator with the scale and investment capacity required to deliver critical upgrades in networks, spectrum, and technology. At a pivotal moment for the industry, the acquisition aims to consolidate a second large-scale, financially viable operator, expanding access to advanced digital services and accelerating the nationwide rollout of fiber and 5G—resulting in faster, more reliable connectivity and an enhanced customer experience.

Through the combination of the two businesses, Millicom seeks to build a stronger and more resilient telecommunications platform in Colombia, well positioned to advance the country’s digital inclusion goals. This strengthened operator is expected to reinforce competition, accelerate investment in next-generation infrastructure, and support Colombia’s digital transformation and long-term sustainable development.

Marcelo Benitez, CEO of Millicom, said: “This acquisition marks a decisive step in strengthening our long-term commitment to Colombia. It gives us greater scale, resilience, and investment capacity at a moment when the sector needs focus and conviction. With this platform, we can move faster in deploying fiber and 5G, expanding coverage, and raising service quality for millions of Colombians. Colombia is a core market for Millicom, and we will continue to work closely with regulators and all stakeholders to ensure that our investments foster competition, accelerate digital inclusion, and support sustainable growth.”

With operations across 11 countries in Latin America, the company reaffirms its long-term commitment to the region by advancing inclusive connectivity and digital infrastructure that enable economic growth and create opportunities for millions of people and businesses.

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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 September 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 stake did Millicom (TIGO) acquire in Coltel and for how much?

Millicom acquired a controlling 67.5% stake in Coltel for USD 214.4 million. According to the company, the tender offer price covered Telefónica’s controlling share and the closing is expected on February 6, 2026.

When will the Coltel acquisition by Millicom (TIGO) close and what follows next?

The acquisition closing is expected on February 6, 2026. According to the company, Millicom will then await Phase 2 of the privatization, expected around April 2026, to pursue remaining Coltel shares.

How does Millicom (TIGO) say the Coltel deal will affect 5G and fiber deployment in Colombia?

Millicom says the deal will help accelerate nationwide fiber and 5G rollout. According to the company, combining operations increases scale and investment capacity for network upgrades and improved customer connectivity.

Will Millicom (TIGO) own 100% of Coltel after this transaction?

No; Millicom acquired 67.5% initially and does not yet own 100%. According to the company, remaining shares are subject to Phase 2 privatization, expected around April 2026, to complete additional purchases.

What strategic benefits does Millicom (TIGO) cite for buying Telefónica’s Coltel stake?

Millicom cites greater scale, resilience, and investment capacity to expand services and competition. According to the company, the acquisition supports digital inclusion and long-term infrastructure investment in Colombia.