Business
Millicom (Tigo) acquires Telefonica operations in Chile jointly with NJJ, structured to capture strategic value while protecting its balance sheet
Millicom (Tigo) acquires Telefonica operations in Chile jointly with NJJ, structured to capture strategic value while protecting its balance sheet Key Highlights: Joint acquisition through a 49%/51% partnership between Millicom International Cellular S.A. (“Millicom”) and NJJ. Transaction structured with an initial closing payment of $50 million and additional earn-out consideration up to $150 million based on structural value creation and not guaranteed by Millicom.Acquired business will not be
About this update from Millicom International Cellular S.a.
[{"type":"image","alt":"Millicom International Cellular S.A.","displaySize":"","headline":null,"caption":"Millicom International Cellular S.A.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":116,"url":"https://media.zenfs.com/en/globenewswire.com/a9fa2e020a58ad2277061c930faee97d"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/FVlZ85XRLmQgrfizuJToCA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTE2MjtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/a9fa2e020a58ad2277061c930faee97d","width":300,"height":116}},"lazy":false},{"type":"text","content":"Millicom (Tigo) acquires Telefonica operations in Chile jointly with NJJ, structured to capture strategic value while protecting its balance sheet ","length":146,"tagName":"p"},{"type":"text","content":"Key Highlights:","length":15,"tagName":"p"},{"type":"text","content":"Joint acquisition through a 49%/51% partnership between Millicom International Cellular S.A. (“Millicom”) and NJJ.","length":114,"tagName":"p"},{"type":"text","content":"Transaction structured with an initial closing payment of $50 million and additional earn-out consideration up to $150 million based on structural value creation and not guaranteed by Millicom.Acquired business will not be consolidated in Millicom’s financial statements during jointownership, and financial obligations of the acquired company and the transaction are non-recourse to Millicom. Telefonica will be required to assure CLP 79 billion (approximately USD 92 million) at closing for balance sheet stability.Millicom will have the option to acquire NJJ’s stake in the business in Year 5 and 6 post-closing at a 10% discount to Millicom trading multiples, with NJJ having a later option to acquire Millicom’s stake with the same price methodology if Millicom does not exercise. Acquisition reinforces Millicom’s strategic presence in South America and complements its regional footprint.","length":899,"tagName":"p"},{"type":"text","content":"Luxembourg, February 10, 2026. NJJ and Millicom International Cellular S.A. (“Millicom”) today announced the acquisition from Telefonica S.A. (“Telefonica”) of 100% of Telefonica’s interest in its Chilean business (representing 99.4% of the company), through a jointly controlled vehicle owned 51% by NJJ and 49% by Millicom.","length":331,"tagName":"p"},{"type":"text","content":"Telefonica will receive a...