Millicom (NASDAQ: TIGO) to acquire Telefónica’s controlling Coltel stake

Rhea-AI Filing Summary

Millicom International Cellular S.A. has successfully concluded a tender offer to acquire Telefónica’s controlling 67.5% equity stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel) for USD 214.4 million, with closing expected on February 6.

The company plans to participate in Phase 2 of Colombia’s privatization process, expected around April, to pursue the remaining Coltel shares. Management describes the deal as a decisive step to expand scale, resilience, and investment capacity in Colombia, supporting accelerated rollout of fiber and 5G networks and broader digital inclusion in the country.

Positive

• Millicom agrees to acquire Telefónica’s controlling 67.5% stake in Coltel for USD 214.4 million, strengthening its position in Colombia, which management describes as a core market and a key platform for fiber and 5G expansion.

Negative

• None.

Insights

Telecom M&A and LatAm markets analyst

Millicom moves to control Coltel, deepening its strategic position in Colombia.

Millicom is acquiring Telefónica’s controlling 67.5% stake in Coltel for USD 214.4 million, with closing expected on February 6. This gives Millicom control of a major Colombian operator in what it calls a core market, indicating a long-term strategic bet on the country.

The company links the transaction to building a larger, financially solid operator able to invest in fiber and 5G, expanding coverage and improving service quality. It also frames the deal as reinforcing competition and supporting Colombia’s digital inclusion and sustainable development goals, suggesting a policy-aligned growth narrative.

A key next step is Phase 2 of the privatization process launched by La Nación, expected around April, when Millicom aims to acquire remaining Coltel shares. Future disclosures on integration progress, capex for network upgrades, and any terms of the second phase will shape how this acquisition translates into financial performance.

FAQ

What major transaction did Millicom (MLCMF) announce in Colombia?

Millicom announced it has successfully concluded a tender offer to acquire Telefónica’s controlling 67.5% equity stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel) for USD 214.4 million, significantly expanding its presence in what it describes as a core market.

How much is Millicom paying for Telefónica’s Coltel stake?

Millicom is paying USD 214.4 million for Telefónica’s controlling 67.5% equity stake in Coltel. The company states the tender offer was conducted according to previously disclosed terms, marking a decisive step in strengthening its long-term commitment to Colombia’s telecommunications sector.

When is Millicom’s acquisition of Coltel expected to close?

Millicom expects the acquisition of Telefónica’s controlling 67.5% stake in Coltel to close on February 6, 2026. The company has already successfully concluded the tender offer and is now preparing for completion of the transaction and subsequent integration efforts in Colombia.

What are Millicom’s strategic goals with the Coltel acquisition?

Millicom aims to create a financially solid operator with greater scale, resilience, and investment capacity in Colombia. It highlights plans to accelerate deployment of fiber and 5G, expand coverage, improve service quality, and support the country’s digital inclusion and long-term sustainable development goals.

What is Phase 2 of the Coltel privatization process for Millicom?

After acquiring Telefónica’s 67.5% stake, Millicom is awaiting Phase 2 of the privatization process launched by La Nación, expected around April. In this phase, the company intends to pursue acquisition of the remaining Coltel shares to further consolidate its position in Colombia.

How does Millicom describe Colombia within its Latin American portfolio?

Millicom describes Colombia as a core market within its 11-country Latin American footprint. The company says the Coltel acquisition increases its scale and investment capacity there, helping expand advanced digital services, including fiber and 5G, and advancing broader digital inclusion objectives.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 6-K: How Foreign Companies Report to the SEC →

Accepted by SEC EDGAR 02/05/2026 - 08:17 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of February, 2026.

 Commission File Number: 001-38763

MILLICOM INTERNATIONAL CELLULAR S.A.

(Exact Name of Registrant as Specified in Its Charter)

8400 NW 36^th Street, Suite 530

Doral, FL 33166

United States

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

MILLICOM INTERNATIONAL CELLULAR S.A.

INDEX TO FURNISHED MATERIAL

Item
______

1. Press release dated February 5, 2026.

Item 1

 

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.

-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 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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MILLICOM INTERNATIONAL CELLULAR S.A.
	(Registrant)
	By:	/s/ Salvador Escalón
		Name:	Salvador Escalón
		Title:	Executive Vice President, Chief Legal and Compliance Officer

Date: February 5, 2026