Millicom International Cellular (MIC) has announced that it has now received all necessary documentation to complete the transaction to acquire 100% of Cablevision Paraguay. MIC will now assume management control of Cablevision Paraguay and will consolidate the operation’s results from 1 October 2012. The results for Cablevision Paraguay will be reported as part of the South America reporting segment.
As previously reported by TeleGeography’s CommsUpdate, in June this year MIC announced that it had signed a binding agreement to acquire 100% of Cablevision from Argentina’s Grupo Clarin, for an enterprise value of USD150 million. However, the deal has encountered opposition from mobile operators Telecom Personal Paraguay (Nucleo), America Movil-owned Claro and Hola Paraguay (Vox), which claimed that such a move would give MIC’s Tigo unit an unfair advantage in the market. Regulator Consejo Nacional de Telecomunicaciones (Conatel) decided however, to approve the acquisition after determining that it would not violate any laws or regulations.