Swedish firm buys AMNET for $510 million

The Swedish firm Millicom has purchased the telecommunications company AMNET for 510 million dollars, and will acquire its 350,000 cable clients in Honduras, Costa Rica and El Salvador.

Tuesday, July 22, 2008

AMNET offers services of cable television, telephone and internet as a multimedia "Triple Play" package.
The company has the biggest fiber optics network in the region and is the largest cable company in El Salvador and Costa Rica. Its former owner is Amzak Corporation, of Halifax, Nova Scotia, Canada.
AMNET reported revenues of 143 million dollars in 2007.
Millicom officials said they expect to complete the regulatory process for the takeover within three months.

More on this topic

Millicom to Buy Out Celtel in Honduras

July 2010

Millicom International Cellular S.A today announced that Millicom and its local partner in Honduras have reached an agreement that gives Millicom full control of Celtel, its Honduran subsidiary.

Under the revised shareholders' agreement, the local partner has granted Millicom an unconditional call option for his 33% stake for the next five years.

El Salvador: Amnet Operates Under Tigo Brand

May 2009

El Salvador is the first country in Central America where there was a complete merger.

Tigo’s parent company, Millicom International Cellular S. A., invested $14 million to expand Amnet's network in the country.

La prensagrafica.com reported statements by Ignacio Baratelli, CEO of Tigo El Salvador: "Amnet is now Tigo.

Millicom Buys 55% of Navega for $60 million

March 2009

With this transaction, Millicom International Cellular controls 100% of Navega.

Navega was created in 2000 by Comcel which is part of Millicom, the Spanish company Iberdrola, EDP in Portugal and Teco Energy in the US, and it provides data transport services in Guatemala, El Salvador, Honduras and Nicaragua.

Millicom sees 78% increase in net profit in Q1

April 2008

Luxembourg-based mobile holding company Millicom Cellular International (Nasdaq: MICC), which operates in the Latin American region under the Tigo brand, continued to see strong growth in its traditional stronghold of Central America, with Honduras outstripping other countries in terms of subscriber growth, growing 88% and adding 515,000 subscribers.

Millicom posted a 78% increase in net profit to US$158mn in the first quarter of 2008 compared to US$89mn in 1Q07, the company said in a statement.

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