Purchase of Telefonica in Costa Rica Approved

The Superintendence of Telecommunications authorized the economic concentration requested for Millicom to acquire the shares of Telefonica de Costa Rica TC S.A.

Monday, September 2, 2019

The authorization comes after Telefonica announced in February 2019 that it had reached an agreement with Millicom S.A. for the sale of the company's shares in Costa Rica.

For the authorization the Superintendence of Telecommunications (Sutel), argued in the resolution that "... There are no indications of the existence of potential anti-competitive effects derived from the acquisition of 100% of the social capital of Telefónica CR by Millicom Spain."

You may be interested in "Cell Phones: $1.2 Billion in Business in 2018

Nacion.com reviews that "... Now the signatures must proceed to the transfer of shares of the contracts of concession of the radio electric spectrum frequencies, management that must be done before the Ministry of Science and Technology and Telecommunications (Micitt) as rector in the matter."

The article adds that "... The purchase, however, should not represent any disruption or affectation for Telefonica's current customers."

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More on this topic

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for Millicom to buy the shares of Telefónica de Costa Rica TC S.A., the parties announced that the agreement has been rescinded.

Telefonica Purchase: New Application Accepted

November 2019

With the admission of a new procedure for the authorization of economic concentration, presented by América Movil and Telefonica de El Salvador, begins "the technical, economic and legal analysis that will determine whether or not the transaction will cause a significant limitation of competition."

Both companies submitted this third application for authorization on 19 September this year.

Telefonica Purchase Completed in Panama

August 2019

Millicom announced that it completed the acquisition of Telefonica Moviles Panama, S.A. through its subsidiary Cable Onda.

In February of this year, Telefónica announced that it had reached an agreement with Millicom S.A. for the sale of all of the company's shares in Panama.

Telefonica Sells Its Assets to Millicom

February 2019

The company reported that it signed an agreement with Millicom S.A. for the sale of all shares of Telefonica Costa Rica, Nicaragua and Panama, closing the transaction at $1.65 billion.

After the company reported in late January 2019 that for $648 million it had agreed to sell to America Móvil all the shares of Telefonica Guatemala and 99.3% of Telefonica El Salvador, it now announced that it had completed the sale process of the entire operation in Central America.

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