Millicom International Cellular S.A. secured full ownership of UNE, the Colombian subsidiary of its Tigo brand, by winning a public auction on January 27, 2026. The company paid COP 418,741 per share, totaling roughly COP 2.1 trillion (about USD 571 million). The transaction is slated to close on January 29, 2026, giving Millicom complete control of UNE’s operations in Colombia.
The acquisition is a key step in Millicom’s strategy to consolidate its Colombian presence and create a stronger second‑tier competitor to Claro. By owning UNE outright, Millicom can streamline its network, unify its service offerings, and accelerate planned investments in 5G infrastructure. The deal also dovetails with the company’s prior agreement to acquire Telefónica’s Colombian assets, positioning Millicom to capture greater market share and achieve operational synergies.
Millicom’s recent financial performance provides a solid foundation for the purchase. In Q3 2025 the company reported earnings per share of $1.17, beating the consensus estimate of $0.65, and revenue of $1.42 billion, slightly above the $1.4 billion forecast. The earnings beat was driven by disciplined cost management and a favorable mix of high‑margin services, while the revenue growth reflected steady demand across its core segments. The strong results give Millicom the cash flow flexibility needed to fund the acquisition while maintaining its debt‑to‑EBITDA target below 2.5×.
CEO Marcelo Benitez emphasized that the transaction marks a milestone in Millicom’s Colombian strategy. He said the simplified ownership structure will “further streamline our operations in Colombia and accelerate our strategic integration plans,” and reaffirmed the company’s commitment to long‑term investment in the country’s digital ecosystem and infrastructure.
The acquisition positions Millicom as a more competitive player in the Colombian market, with the potential to accelerate 5G rollout and realize cost synergies from network integration. However, the company will need to manage the integration process carefully and monitor its debt levels to preserve financial flexibility as it expands its service portfolio.
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