MILLICOM INTERNATIONAL CELLULAR (TIGO) Company Report

Costa Rica's Board of Telecommunications Superintendency (SUTEL) did not approve the proposed transaction to combine Liberty Latin America and Millicom's operations in Costa Rica.
Both companies disagree with SUTEL's decision, believing the transaction would have enabled greater technology investment and strengthened market competitiveness.
Liberty Latin America and Millicom are currently working together on next steps as per the terms of their combination agreement.

Nov 13, 2025, 2:15 PM

Millicom Subsidiary Resolves DOJ Investigation

TIGO

Legal Proceedings

Millicom International Cellular S.A.'s subsidiary, Comunicaciones Celulares S.A. (Comcel), has resolved a U.S. Department of Justice (DOJ) investigation concerning historical improper payments made to Guatemalan government officials.
Under a deferred prosecution agreement (DPA), Comcel will pay a $60 million fine and forfeit $58.2 million in approximate benefits.
The DPA will remain in place for two years and does not require a corporate monitor, reflecting Millicom's extensive cooperation and remediation efforts, and the fine amount represents a 50 percent discount off the applicable penalty range.
The misconduct occurred when Millicom lacked operational control over Comcel, prior to acquiring full ownership in November 2021.

Nov 12, 2025, 9:33 PM

Millicom Reports Strong Q3 2025 Results and Advances Strategic Initiatives

TIGO

Earnings

M&A

Guidance Update

Millicom reported a significant increase in Q3 2025 operating profit by 30.1% to $390 million and net profit attributable to company owners to $195 million from $51 million in Q3 2024.
The company advanced its strategic M&A activities, completing the acquisition of Telefónica Móviles del Uruguay S.A. for $440 million and Telefónica’s operations in Ecuador for $380 million in October 2025.
The divestment of its Lati business was finalized with the sale of Lati Honduras towers for approximately $75 million in October 2025, contributing to prior closings that generated approximately $546 million in net proceeds and a $742 million gain on sale.
Leverage stood at 2.09x in Q3 2025, aided by $537 million from infrastructure transactions, with the company targeting year-end leverage below 2.5x and Equity Free Cash Flow (EFCF) of around $750 million for 2025.
An expense of approximately $118 million was accrued in Q3 2025 to resolve a Department of Justice (DOJ) matter related to its Guatemala operations.

Nov 6, 2025, 9:30 PM

TIGO Reports Strong Q3 2025 Profitability and Advances Strategic Acquisitions

TIGO

Earnings

M&A

Legal Proceedings

Millicom reported Q3 2025 adjusted EBITDA of $695 million with a record 48.9% margin, and $243 million in equity-free cash flow for the quarter. Service revenue totaled $1.34 billion, with underlying growth of 3.5% year-on-year excluding FX impacts.
The company completed the acquisitions of Uruguay and Ecuador, expanding its footprint and adding substantial annual revenues and adjusted EBITDA. Additionally, the SBA tower transaction was closed for approximately $975 million.
Net leverage at the end of Q3 2025 was 2.09x, or 2.33x pro forma including the recent acquisitions. Millicom remains on track to achieve its year-end leverage target of below 2.5x and its $750 million equity-free cash flow target for 2025.
A $118 million provision was recorded for an ongoing DOJ investigation. The proposed combination with Liberty Latin America in Costa Rica was prohibited by the regulator, with an appeal filed on October 22.

Nov 6, 2025, 1:00 PM

Millicom Completes Acquisition of Telefónica Ecuador

TIGO

M&A

New Projects/Investments

Millicom (Tigo) successfully completed the USD 380 million acquisition of Telefónica Ecuador on October 30, 2025.
This acquisition strengthens Millicom's presence in South America, expanding its operations into Ecuador, a dollarized economy with projected GDP growth of around 1.7% in 2025 and 2.0% in 2026.
The transaction further consolidates Millicom's leadership in Latin America, bringing its total operational footprint to eleven countries.