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Millicom (Tigo) Reaches Strategic Agreement with EPM to facilitate Merger Process with ColTel

Written by Customer Service on . Posted in Mergers And Acquisitions.

Millicom (Tigo) Reaches Strategic Agreement with EPM to facilitate Merger Process with ColTel

Luxembourg, August 14, 2025 – Millicom (Tigo) today announced a key agreement with Empresas Públicas de Medellín (EPM) that advances its acquisition strategy in Colombia and unlocks a path toward the integration of Tigo-UNE and Colombia Telecomunicaciones (ColTel).

Under the terms of the agreement:

  • Millicom has committed to present an offer in EPM’s Law 226 sale process, subject to the terms published by EPM on July 1, 2025, in which EPM set a minimum price of COP$418,741 per share of Tigo-UNE, representing a total consideration of approximately USD $520 million.
  • The agreement includes customary legal protections and EPM secured an extension of its existing exit rights if the Law 226 sale process does not succeed due to external factors.
  • Should EPM remain a shareholder of Tigo-UNE due to an unsuccessful Law 226 sale process, EPM has agreed to provide consent for the proposed future merger between Tigo-UNE and ColTel, subject to certain closing conditions.
  • As part of the transaction, Millicom will re-include Tigo-UNE in Millicom’s Restricted Group, reflecting the company’s renewed strategic commitment to the market.

“This agreement marks an important milestone for Millicom’s strategy in Colombia”, said Marcelo Benitez, CEO of Millicom. “We are moving decisively with our integration plans while reaffirming our commitment to long-term investment in Colombia’s digital ecosystem and infrastructure”

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For further information, please contact:

Press: Investors:
Sofia Corral, Director Corporate Communications
press@millicom.com		 investors@millicom.com

About Millicom
Millicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America.
Through its TIGO® and Tigo Business® brands, the company provides a wide range of digital services and products,
including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, highspeed data, voice, and business-to-business solutions such as cloud and security. As of June 30, 2025, Millicom,
including its Honduras Joint Venture, employed approximately 14,000 people and provided mobile and fiber-cable
services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million
homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida.

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