Millicom To Acquire Telefonica's 67.5% Stake In Coltel

(RTTNews) - Millicom and Telefonica have entered into a definitive agreement for Millicom to acquire Telefonica's controlling 67.5% equity stake in Coltel, pending closing conditions, including regulatory approvals. Additionally, Millicom has agreed to offer to purchase the remaining 32.5% of Coltel equity held by La Nación and other investors at the same purchase price per share offered to Telefonica.

Millicom noted that the purchase price of $400 million is subject to customary adjustments for net debt evolution, working capital and changes in foreign exchange rates, and as of September 30, 2024, would be $362 million.

Millicom also reiterates its offer to acquire its partner's 50% stake in UNE for cash at a price per share derived from applying a valuation multiple comparable to the one implied by the Coltel acquisition.