Telefonica Sells Its Assets to Millicom

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.

Thursday, February 21, 2019

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.

See "Telefonica Starts Selling Assets in the Region"

From the Telefonica S.A. press release:

TELEPHONE, S.A. ("Telefonica" or the "Company") in accordance with securities market legislation, communicates the following:

In Madrid, February 20, 2019. Today Telefonica reached an agreement with Millicom International Cellular, S.A. for the sale of the entire share capital of Telefonica de Costa Rica TC, S.A. (hereinafter, "Telefonica Costa Rica") and for the sale, by Telefonica de Costa Rica's subsidiary, Telefonica Centroamérica Inversiones, S.L., a company directly and indirectly owned 60% by Telefonica and 40% by Corporación Multi Inversiones, of the entire share capital of Telefonica Móviles Panamá, S.A. (hereinafter, "Telefonica Panamá") and Telefonica Celular de Nicaragua, S.A. (hereinafter, "Telefonica Nicaragua").

Read full press release (In Spanish).

More on this topic

Telecommunications: Investments in Nicaragua

May 2019

After Telefónica was acquired by Millicom, the company plans to invest $1.25 billion in the next five years to expand the network and its services to companies in the country.

On May 16, Millicom reported that it closed the acquisition of Telefonía Celular de Nicaragua, S.A., the number one mobile operator in the country, in addition to TIGO Nicaragua's existing cable operation.

Telefonica Completes Sale of Assets in Nicaragua

May 2019

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.

Telecom: Regional Market Transformed

February 2019

The mergers and acquisitions being reported in Central America are largely because not all companies in the region are willing to make the heavy investments that the transition to 5G technology will require.

The most recent register of the sale of assets of one of the Central American competitors is the case of Telefónica, which on January 24 reported that for $648 million it sold to América Móvil all the shares of Telefónica Guatemala and 99.3% of Telefónica El Salvador.

Panama: Cable Onda Changes Ownership

October 2018

With a $1.460 million investment, Millicom International Celular completed the acquisition of 80% of the capital of Cable Onda, one of the country's telephone, Internet and cable TV operators.

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

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