Telefonica Purchase Completed in Panama

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

Thursday, August 29, 2019

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.

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From the Millicom statement:

Luxembourg, August 29, 2019 – Millicom announced today that it has closed the acquisition of Telefónica Móviles Panamá, S.A., the leading mobile operator in the country.  The acquisition was made through its subsidiary, Cable Onda S.A., the leading cable operator in Panama. This is the second transaction to close since Millicom announced in February an agreement to acquire the operating subsidiaries of Telefónica in Panama, Costa Rica and Nicaragua.

Telefónica Móviles Panamá, S.A. brings approximately 1.6 million new mobile customers to Millicom with a 4G network accessible to 80% of the population in Panama. The transaction accelerates the execution of Millicom’s fixed-mobile convergence strategy and helps consolidate the company’s leadership position in Central America. With this additional investment in Panama, a dollarized and rapidly-growing investment-grade economy, Millicom further diversifies and balances its geographic footprint in its mission to build digital highways that connect more people and develop communities throughout the region.

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The company reported that it has transferred the entire share capital of Telefónica Celular de Nicaragua, S.A. to Millicom International Cellular, S.A., for a price of $437 million.

On May 16, Telefónica S.A. reported that "Following the communication published on February 20, 2019 (with entry registration number 274959), Telefónica announces that once the relevant regulatory approvals have been obtained, Telefónica Centroamérica Inversiones, S.L.., a company owned, directly and indirectly, 60% by Telefónica and 40% by Corporación Multi Inversiones, has today transferred the entire share capital of Telefónica Celular de Nicaragua, S.A. to Millicom International Cellular, S.A. for a price of 437 million dollars, approximately 390 million euros at the current exchange rate". Consult Telefónica's full press release.

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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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Cable Onda announced in a press release that following an extensive conversation process, Cable Onda S.A.

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