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Millicom International Cellular S.A. (TIGO) provides essential telecommunications services across Latin America, specializing in mobile connectivity and broadband solutions for emerging markets. This dedicated news hub offers investors and stakeholders immediate access to official company announcements and verified industry updates.
Track all critical developments through curated press releases covering quarterly earnings, infrastructure investments, strategic partnerships, and regulatory milestones. Our repository ensures transparent access to operational updates about TIGO's mobile network expansions, fixed-line service enhancements, and digital innovation initiatives.
Key content includes executive leadership statements, market penetration reports, and technology deployment announcements. Users benefit from chronological organization of material spanning financial results, service launches, and corporate responsibility updates across TIGO's operational countries.
Bookmark this page for streamlined monitoring of Millicom's progress in delivering converged telecom solutions. Check regularly for real-time updates on how TIGO addresses Latin America's evolving connectivity needs through scalable network infrastructure and customer-focused services.
The independent committee of Millicom's (TIGO) Board of Directors unanimously recommends that shareholders and SDR holders reject the public cash offers from Atlas Luxco S.à r.l., valuing Millicom at approximately $4.1 billion, or $24.00 per share.
The committee believes the offers significantly undervalue Millicom, citing the company's strong financial outlook, with expected equity free cash flow of $659 million in 2024, rising to $833 million by 2026, and a leverage ratio expected to improve to 1.5x by 2026.
Nordea Bank's fairness opinion supports this view, stating the offer price is not fair from a financial perspective. The committee also notes that the offer includes negative premiums and positive premiums compared to recent share prices.
Additionally, the offer does not adequately consider Millicom's strategic potential, including potential dividends, share repurchases, or return of capital to shareholders. The committee recommends shareholders not tender their shares and highlights the ongoing support from Atlas in Millicom's strategic plan execution.
Millicom (Tigo) has entered a new phase in its collaboration with Amazon Web Services (AWS) to enhance its cloud services for businesses in Latin America. The new agreement will help Tigo Business meet the growing demand for professional cloud services and become the primary partner for AWS customers in the region. This initiative aims to support the digital transformation of businesses across nine Latin American countries.
According to IDC, the cloud market size in Central America and the Caribbean is projected to reach $283.2 million in 2024, with a CAGR of 18.6% from 2023 to 2028. The partnership will also focus on digital inclusion and training in Latin America. Tigo Business has invested significantly in SD-WAN services, managed security, and multi-cloud offerings, consolidating its leadership in the regional market.
The agreement is a strategic move to expand Tigo Business's digital solutions portfolio, offering advanced services that ensure security, connectivity, and innovation, thereby fostering Latin America's digital transformation.
A committee of independent directors from Millicom's (Tigo) board has evaluated an anticipated all-cash tender offer by Atlas Luxco at $24 per share for all outstanding shares and SDRs in Millicom that Atlas does not already own. The committee believes this offer undervalues Millicom, citing a review of expected financial performance. Preliminary estimates for 2024 indicate Millicom's Equity Free Cash Flow (EFCF) will exceed $600 million, excluding $46 million from a Colombia tower sale. Additionally, leverage is projected to reach a target of 2.5x.
The committee has entered exclusive negotiations for a sale and leaseback of a significant portion of Millicom's tower portfolio. Any formal recommendation regarding the tender offer will align with Swedish Takeover Rules. Advising the committee are Goldman Sachs, Morgan Stanley, Davis Polk & Wardwell LLP, and others.
Millicom (Tigo) has received a non-binding expression of interest from shareholder Atlas Luxco S.à.r.l. regarding a potential all-cash tender offer for all outstanding shares at $24 per share. This follows Atlas's earlier press release and Form 13D filing. The Board of Directors will review any forthcoming offer, but there is no certainty of a transaction occurring, nor clarity on its terms, timing, or form.
Millicom International Cellular held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) on May 23, 2024. All resolutions proposed by the Board and Nomination Committee were adopted. The AGM set the number of directors at nine and re-elected existing members, with Justine Dimovic and Maxime Lombardini joining as new Directors.
The AGM approved the annual accounts for the year ending December 31, 2023, allocating USD 7.56 million to the legal reserve and USD 337.31 million to unappropriated net profits. KPMG was elected as the external auditor, and the Share Repurchase Plan, 2023 Remuneration Report, and Senior Management Remuneration Policy were approved, among others.
The EGM passed resolutions to remove the casting vote of the Chair and restated the Articles of Association to reflect these changes. The minutes will be available on Millicom's website.
Millicom (Tigo) has concluded its share repurchase program, initially announced on December 15, 2023. The company repurchased 17,164 Swedish Depository Receipts (SDRs) between May 20 and May 22, 2024. This brings the total shares repurchased to 2 million, amounting to SEK 375,950,837 (approximately $35 million). These transactions were carried out on Nasdaq Stockholm by Citigroup Global Markets Following these purchases, Millicom now holds 907,839 treasury shares, with a total of 172,096,305 shares outstanding. The repurchase program adheres to Article 5 of MAR and the Commission Delegated Regulation No 2016/1052.
Millicom (Tigo) has repurchased 36,701 of its Swedish Depository Receipts (SDRs) between May 13, 2024, and May 17, 2024, as part of its share repurchase program announced on December 15, 2023. The daily repurchase amounts varied, with 7,577 SDRs repurchased on May 13 at an average price of 245.06 SEK, totaling 1,856,885 SEK, and 7,300 SDRs repurchased on May 17 at an average price of 254.12 SEK, totaling 1,855,148 SEK. All purchases were made on Nasdaq Stockholm by Citigroup Global Markets Following these transactions, Millicom holds 890,675 treasury shares. The total number of shares outstanding in Millicom is 172,096,305. This activity follows the provisions of Article 5 of MAR and the Commission Delegated Regulation No 2016/1052.
Millicom (Tigo) conducted a share repurchase program resulting in the repurchase of 29,063 of its Swedish Depository Receipts (SDRs) between May 6, 2024, and May 10, 2024. The purchases were made at daily average prices ranging from SEK 230.63 to SEK 246.65, with a total daily repurchase amount exceeding SEK 1.4 million. Millicom currently holds 853,974 treasury shares out of a total of 172,096,305 outstanding shares.
Millicom (Tigo) announced its Q1 2024 results, showing an 8.6% revenue growth driven by service revenue up 8.8%. Operating profit increased by 70.6%, EBITDA grew 24.5% despite restructuring costs, and net income rose significantly. Colombia EBITDA saw a 50.3% increase. Operating cash flow rose 53.0% to $519 million, with a reduction in capex. Leverage declined to 3.10x. Millicom CEO highlighted positive performance across all countries, with strong EBITDA and OCF growth, record margins in Colombia, and positive service revenue returns in Guatemala and Panama.
Millicom (Tigo) announced the repurchase of 27,477 of its Swedish Depository Receipts (SDRs) between April 29, 2024, and May 3, 2024. The purchases were made on Nasdaq Stockholm by Citigroup Global Markets , totaling 824,911 treasury shares as of May 3, 2024.
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