Welcome to our dedicated page for Millicom Intl Cellular S A news (Ticker: TIGO), a resource for investors and traders seeking the latest updates and insights on Millicom Intl Cellular S A stock.
Millicom International Cellular S.A. reports developments in fixed and mobile telecommunications across Latin America through its TIGO and Tigo Business brands. Company news centers on mobile and fiber-cable services, high-speed data, voice, pay TV, mobile financial services, local entertainment and business-to-business cloud and security offerings.
Recurring updates include operating results, network and fiber-capacity investments, regional connectivity agreements, sports-content arrangements, Colombia consolidation through Coltel, senior-note financing and redemption actions, and shareholder meeting matters.
Millicom International Cellular S.A., operating under the brand Tigo, has announced the filing of a standard form for notification of major holdings with the CSSF (Commission de Surveillance du Secteur Financier) on October 15, 2024. This regulatory filing is a standard procedure for companies to disclose significant changes in shareholding structure. The announcement was made from Luxembourg, where Millicom is headquartered.
The company has not provided any specific details about the nature of the major holdings being reported. For further information, interested parties are directed to contact Sofía Corral, Director of Corporate Communications, for press inquiries, or Michel Morin, VP of Investor Relations, for investor-related questions.
Millicom (NASDAQ: TIGO) announced changes to its Board of Directors on September 24, 2024. Thomas Reynaud and Aude Durand have stepped down from their roles as board members, effective immediately. The Board, maintaining its composition of eight directors, has unanimously appointed Jules Niel and Pierre-Emmanuel Durand as interim members until the next annual general meeting.
Reynaud and Durand's departure coincides with changes in Millicom's leadership and governance, as well as their increased commitments to Iliad group companies. The Board expressed gratitude for their contributions over the past 18 months, during which Millicom achieved significant improvements in its results.
Jules Niel, born in 2000, is an Investment Associate at NJJ Telecom Europe, while Pierre-Emmanuel Durand, born in 1990, serves as an Investment Director at NJJ Telecom Europe and Atlas Investissement. A Nominations Committee will be formed to propose new board members for election at the next annual general meeting.
Millicom (TIGO) announced that Mauricio Ramos is stepping down as Chair of the Board on September 30, 2024. The Board has appointed Maxime Lombardini as Interim Chair. Ramos joined Millicom in 2015 as CEO, became a Board member in 2020, and was appointed Executive Chair in September 2023.
Under Ramos' leadership, Millicom transformed into a leading telecom provider in Latin America, developing a strong corporate culture and executing a successful M&A strategy. Key achievements include exiting 6 African countries, acquiring Cable Onda in Panama, and consolidating ownership of its Guatemalan subsidiary.
Lombardini, who has been COO and President since September 2023, will step down from these roles to assume the position of Interim Non-Executive Chair. A Nominations Committee will propose a new Chair for election at the next annual general meeting.
Millicom's subsidiary, Telefónica Celular del Paraguay S.A.E (Telecel Paraguay), has announced its intention to partially redeem $150,000,000 of its 5.875% Senior Unsecured Notes due 2027. The redemption is scheduled for September 23, 2024. According to the terms of the indenture governing the Notes, the redemption price will be 100% of the principal amount, plus accrued and unpaid interest and Additional Amounts (if any) up to, but not including, the Redemption Date.
This announcement does not constitute an offer to sell or a solicitation to buy any security, nor does it serve as a formal notice of redemption under the Indenture. The company emphasizes that this action does not represent an offer, solicitation, or sale in any jurisdiction where such activities would be unlawful.
Millicom International Cellular S.A., operating under the brand name Tigo, has announced the filing of a standard form for notification of major holdings with the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg on September 06, 2024. This regulatory filing is a important step in maintaining transparency regarding significant shareholdings in the company. The announcement does not provide specific details about the nature of the holdings or the parties involved, but it signals compliance with regulatory requirements for disclosing substantial changes in ownership structure.
Millicom International Cellular S.A. announced the expiration of its previously announced consent solicitation from holders of its senior notes due in 2026, 2028, 2029, 2031, and 2032. The company sought to amend certain provisions of the indentures governing these notes. However, Millicom stated that the Proposed Amendments will not be made. This announcement does not constitute an offer to sell or issue securities, nor a solicitation to buy or subscribe for securities in any jurisdiction. The consent solicitation was directed at holders of record as of August 2, 2024.
Millicom International Cellular S.A. (TIGO) has announced an extension of its consent solicitations for holders of its senior notes due 2026, 2028, 2029, 2031, and 2032. The extension is related to proposed amendments to the notes' indentures, which would prevent a Change of Control Triggering Event in connection with Atlas Luxco S.à r.l.'s offer to purchase Millicom's shares. The consent deadline is extended to August 23, 2024, at 5:00 p.m. New York City time.
Millicom is offering a Consent Fee of $2.50 per $1,000 principal amount of notes for valid consents. The amendments require approval from holders of at least a majority of each note series. If approved, the amendments would prevent noteholders from being entitled to a 101% purchase offer, even if the acquisition and a rating decline occur.
The independent committee of the Board of Directors of Millicom (Tigo) advises shareholders to reject Atlas Luxco S.A.'s revised cash offer of USD $25.75 per common share and SDR, up from USD $24.00. The committee asserts that the offer undervalues Millicom, despite a 5.8% to 17.6% premium over various recent stock prices. The committee's decision is backed by strong Q2 2024 financial results: revenue up 4.7%, EBITDA up 23.1%, and operating cash flow up 50.2% year-over-year. Millicom's equity free cash flow for Q2 2024 was $268 million, and leverage decreased from 3.10x to 2.77x. The committee also considered Nordea's fairness opinion, which found the revised offer price unfair. Atlas holds approximately 29.17% of Millicom's shares and has set conditions for the offer's completion. Shareholders who have already tendered at the original price will receive the revised offer price automatically. The recommendation against accepting the offer remains firm due to the undervaluation of Millicom's shares and strong financial performance.
Millicom's Independent Committee is reviewing revised tender offers from Atlas Luxco S.à r.l. Atlas has increased its offer price from $24.00 to $25.75 per Share to acquire all outstanding common shares and SDRs in Millicom (TIGO) that it doesn't currently own. The Independent Committee, which previously rejected the original offer as undervaluing Millicom, will evaluate the revised offers and announce its recommendation within five business days.
The committee advises shareholders to take no action pending their review. Millicom is receiving financial advice from Goldman Sachs International and Morgan Stanley & Co. International plc, while Nordea Bank Abp, filial i Sverige, Corporate Finance is acting as independent financial advisor to the Independent Committee.
Millicom International Cellular S.A. (TIGO) has announced consent solicitations to amend its outstanding senior notes. The company is seeking consent from holders of its 6.625% Senior Notes due 2026, 5.125% Senior Notes due 2028, 6.250% Senior Notes due 2029, 4.500% Senior Notes due 2031, and 7.375% Senior Notes due 2032. The proposed amendments are related to Atlas Luxco S.à r.l.'s offer to purchase all of Millicom's outstanding common shares.
The amendments aim to prevent a Change of Control Triggering Event that would require Millicom to make a purchase offer at 101% of the principal amount plus accrued interest. Millicom will pay a $2.50 per $1,000 principal amount consent fee to noteholders who approve the amendments by August 14, 2024. The changes will be effective if a majority of noteholders consent for each series.