Millicom completes acquisition of Telefonica in Uruguay

Millicom (TIGO) International Cellular announced that, following final approval from the Government of Uruguay, it has completed the acquisition of 100% of Telefonica Moviles del Uruguay S.A., or Movistar, for an enterprise value of $440M. “With this milestone transaction, Millicom officially enters the Uruguayan market, further consolidating its presence in South America and reinforcing its position as a leading regional telecommunications provider,” the company stated. “This acquisition marks a decisive step in our growth strategy. We are thrilled to establish a presence in Uruguay – a country known for its stability and clear vision for digital transformation. We see tremendous value in the country’s talent, and our commitment is to invest in infrastructure, foster innovation, and create new opportunities that drive long-term digital growth,” added Marcelo Benitez, CEO of Millicom.