Millicom’s acquisition of TeleCable Economico has been rejected by local sector regulator Superindencia de Telecomunicaciones (SUTEL), the Luxembourg-based company said in a statement today. The two companies had agreed to merge in December 2014 for an…
Millicom’s acquisition of TeleCable Economico has been rejected by local sector regulator Superindencia de Telecomunicaciones (SUTEL), the Luxembourg-based company said in a statement today. The two companies had agreed to merge in December 2014 for an undisclosed value.
Millicom said that it is now reviewing the information provided by SUTEL, including its option to appeal.
The company, which now trades as Tigo in Costa Rica, entered the country in 2008, when it bought cableco Amnet for an enterprise value of US$510m. The company offers cable, satellite TV and broadband. Amnet also provides cable, broadband and fixed voice in El Salvador and Honduras, as well as smaller corporate data services in Guatemala and Nicaragua.
Millicom has focused its Latin American strategy on cable, appointing Liberty Global veteran Mauricio Ramos as CEO in March. It offers cable in Costa Rica, El Salvador, Honduras, Guatemala, Paraguay, Bolivia and Colombia. It also owns broadcasters and a sports channel in Paraguay and Bolivia. The company last year completed a merger with cableco UNE in Colombia.
