Business
Millicom (Tigo) and EPM agree to jointly capitalize UNE EPM Telecomunicaciones S.A. (Tigo-UNE)
Millicom (Tigo) and EPM agree to jointly capitalize UNE EPM Telecomunicaciones S.A. (Tigo-UNE) Luxembourg, October 13, 2023 – Millicom announced today an
About this update from Millicom International Cellular S.a.
[{"type":"text","content":"Millicom (Tigo) and EPM agree to jointly capitalize UNE EPM Telecomunicaciones S.A. (Tigo-UNE) Luxembourg, October 13, 2023 – Millicom announced today an agreement between Millicom and Empresas Públicas de Medellin (“EPM”) to jointly capitalize UNE EPM Telecomunicaciones S.A. (Tigo-UNE). Each partner will contribute 300 billion Colombian pesos (approximately 71 million U.S. dollars) for a total capital contribution of approximately 142 million U.S. dollars to Tigo-UNE. The funds will strengthen the company’s financial profile and support the continued development of Tigo-UNE's business strategy. With this agreement, both partners retain their current shareholding in Tigo-UNE. Furthermore, they have agreed to amend the 2013 shareholders' agreement as follows: The addition of a Put Option that, if exercised, would allow EPM to sell to Millicom their entire 50% stake in UNE for 300 billion Colombia pesos, plus 10%.The extension of the existing drag-along clause until 31 December 2026. Millicom retains its existing right to be offered EPM’s stake, in accordance with Colombian law, as well as its right to participate as a bidder in any sale process by EPM, pursuant to EPM’s exercise of the drag-along clause. Millicom thanks the Colombian authorities for their support to both parties during the negotiation of this agreement. Tigo-UNE is a significant player in the Colombian national telecommunications market, and this agreement reflects our continued commitment to the country and its ongoing digital development. -END- For further information, please contact:Press:Investors:Sofía Corral, Director CorporateMichel Morin, VP Investor [email protected]@millicom.com About Millicom Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of June 30, 2023, Millicom, including its Honduras Joint Venture, employed approximately 19,300 people and provided mobile and fiber-cable services through its digital highways to more than...