20-Feb-19, Telecom
Millicom International Cellular, a cable and mobile operator in Latin America and Africa, has bought for USD1.65 bn the mobile telecommunications assets of Spain’s Telefonica in Panama, Costa Rica and Nicaragua.
%20Reuters.jpg "Millicom buys Telefonicas mobile businesses in Central America (c) Reuters")
Image: Reuters
Last month, Telefonica said it had reached an agreement to sell its Guatemalan and El Salvadoran operations to Mexican billionaire Carlos Slim’s America Movil.
Millicom reported USD5.49 bn in revenues in Latin America at the end of 2018, up 0.8% compared to 2017. Service revenues were down 0.2%, but organic growth reached 4.3%. Growth was underpinned by a 3.5% expansion in service revenues in Colombia.