Eight months after the Telecommunications Superintendence authorized the economic concentration requested for Millicom to buy the shares of Telefónica de Costa Rica TC S.A., the parties announced on May 2nd that they had decided to rescind the agreement.

Telefonica executives said that they would bet on the continuity of the services and invest in its telecommunications network, focusing on its customers and collaborators.

See "Electronics and IT: Market Trends"

Johanna Escobar, director of Telefónica Costa Rica, told Elfinancierocr.com that "... at the corporate level they maintain the portfolio of services (including cyber security, IoT, Big Data) and have incorporated others to strengthen the offer at the corporate level of SMEs."

Escobar added that "... the opportunities in this market are derived from the speed of technology adoption in all types of companies, including SMEs where 'great price sensitivity' is detected."

The company does not rule out investing in the future in fiber optic connectivity services for homes, the executive said.

Source: elfinancierocr.com

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Costa Rica: Reverse Move to Buy Telefonica

May 2020

Millicom announced that it exercised its right to terminate the Share Purchase Agreement for the acquisition of Telefonica's operating subsidiary in the Central American country.

Only eight months after the Telecommunications Superintendence authorized the economic concentration requested for Millicom to buy the shares of Telefónica de Costa Rica TC S.A., the parties announced that the agreement has been rescinded.

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