Millicom International Cellular S.A. completed the purchase of the remaining 32.5 % equity stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel) on April 27 2026, finalizing the company’s consolidation of its Colombian operations. The deal followed the earlier acquisition of Telefónica’s controlling 67.5 % stake for USD 214.4 million, which closed on February 6 2026.
The full acquisition strengthens Millicom’s presence in Colombia, expands its customer base, and positions the company to accelerate the deployment of 5G and fiber infrastructure. Millicom has set a target to connect 15 million homes with fiber by the end of 2026, and the integration of Coltel’s network and customer portfolio is expected to reduce operational costs through unified network management and enable cross‑selling of digital services.
Millicom’s FY 2025 results provide a strong financial foundation for the transaction. The company reported record equity free cash flow of USD 916 million and an adjusted EBITDA margin of 47.2 %. Q4 2025 adjusted EBITDA reached USD 778 million, and management projects at least USD 900 million in equity free cash flow for 2026. The acquisition aligns with Millicom’s portfolio transformation strategy, focusing on high‑margin, stable markets and unlocking capital for shareholder returns.
Marcelo Benítez, Millicom’s CEO, said, “This final step in the acquisition of Coltel reflects our long‑term commitment and conviction in Colombia as a core market. By unifying these operations, we are strengthening our ability to compete in a rapidly evolving industry, accelerate next‑generation infrastructure, and contribute to Colombia’s long‑term digital and economic development.”
In addition to Coltel, Millicom has also taken control of UNE EPM Telecommunicaciones S.A. (Tigo Colombia) by acquiring EPM’s stake in a public auction, further consolidating its Colombian footprint. The company is pursuing a deleveraging plan that targets a net debt‑to‑EBITDA ratio of 2.5× by 2026 and has monetized assets such as the Lati tower sale to fund debt paydown and shareholder returns.
The acquisition positions Millicom as a dominant national player in Colombia, improving its competitive stance against América Móvil and Telefónica. By integrating Coltel’s assets, Millicom can deliver a more efficient, high‑quality network, accelerate digital inclusion initiatives, and support long‑term growth prospects in a key Latin American market.
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