Millicom Closes $214M Deal for Telefónica’s Stake in Coltel, Awaits Full Privatization
Event summary
- Millicom completed a tender offer for Telefónica’s 67.5% stake in Coltel for $214.4M, closing February 6, 2026.
- Millicom awaits Phase 2 of Coltel’s privatization, expected around April 2026, to acquire remaining shares.
- The deal aims to create a financially robust operator to accelerate fiber and 5G rollout in Colombia.
- Millicom plans to combine operations to strengthen competition and digital infrastructure in Colombia.
The big picture
Millicom’s acquisition of Telefónica’s stake in Coltel consolidates the Colombian telecom market, creating a second large-scale operator. This aligns with broader Latin American trends of infrastructure investment and digital transformation, positioning Millicom to lead in fiber and 5G deployment. The deal underscores Millicom’s long-term commitment to the region, with implications for competition and regulatory oversight.
What we're watching
- Regulatory Dynamics
- How La Nación’s privatization process will impact Millicom’s full control of Coltel.
- Execution Risk
- Whether Millicom can sustain investment pace in fiber and 5G post-acquisition.
- Market Impact
- The pace at which the consolidated operator will drive digital inclusion in Colombia.
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