Liberty Latin America targets Millicom mega-merger

15 Jan 2019

Millicom International Cellular (MIC) has confirmed that it has received a ‘preliminary highly conditional non-binding proposal’ from Liberty Latin America (LLA) in relation to an offer for all of its shares. MIC notes that there is no certainty that a transaction will materialise, and will not comment on the terms, timing or form of any possible transaction. In parallel, LLA has issued a media release, confirming: ‘Liberty Latin America’s board regularly evaluates all options to serve the best interests of the company and its shareholders and will continue to do so. We do not intend to make any further comment until such time as a definitive decision has been made.’ If combined, the two entities would create a regional telecoms giant with operations spanning South America, Central America and the Caribbean.

Founded in 1992, MIC is headquartered in Luxembourg, and currently operates ‘Tigo’-branded wireless providers in Latin America (Honduras, El Salvador, Guatemala, Bolivia, Paraguay and Colombia) and Africa (Chad and Tanzania). Fixed line services, meanwhile, are offered in El Salvador, Costa Rica, Honduras, Guatemala, Nicaragua, Colombia and Panama. MIC’s main shareholder is currently Stockholm-based Investment AB Kinnevik which held a 37.2% stake as of 30 September 2018 (most recent data). No other stakeholder owns more than 10%.

Liberty Latin America (LLA) was established in December 2017, following a ‘split-off’ from Liberty Global plc. LLA operates in more than 20 markets across Latin America and the Caribbean.

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