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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