Millicom International Cellular said it has secured full ownership of UNE EPM Telecomunicaciones, known as Tigo Colombia, after winning a public auction held by Empresas Públicas de Medellín (EPM), Portafolio reported.
The Luxembourg-based group agreed to acquire the remaining shares held by EPM for about $571mn (COP2.1 trillion), paying $114 (COP418,741) per share, according to the publication. The transaction is expected to close on January 29, subject to the terms set out in the privatisation process.
The purchase covers 100% of EPM’s residual stake and concludes a divestment programme carried out under Law 226 of 1995, which governs the sale of state assets in Colombia. Once completed, the deal will simplify Millicom’s shareholder structure in the country and support deeper operational integration of its Tigo brand.
The company said full control would allow it to streamline decision-making, strengthen capital allocation and accelerate investments in network expansion and digital services in one of its largest Latin American markets.
Alongside the UNE transaction, Millicom is pursuing a parallel takeover of Colombia Telecomunicaciones (Coltel), which operates under the Movistar Colombia brand. According to Portafolio, the group has launched a public tender offer to acquire between 54.68% and 68.35% of the company’s outstanding shares.
The offer targets a minimum of 1.864bn shares and a maximum of 2.331bn shares, potentially giving Millicom majority control of the operator. The proposed price is $0.0932 per share, with shareholders able to receive payment in US dollars or the COP equivalent at settlement.
If successful, the Movistar bid would deepen consolidation in Colombia’s telecommunications sector, which has been under pressure from rising infrastructure costs, intense price competition and slowing subscriber growth. Analysts say scale has become increasingly important for operators seeking to fund 5G deployment and fibre expansion.
Millicom has said Colombia remains a strategic priority within its regional portfolio, and that the two transactions reflect its long-term commitment to strengthening its market position.
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