Millicom (Tigo) acquires Telefónica Ecuador for USD 380 Million, strengthening its South American footprint

Millicom (Tigo) acquires Telefónica Ecuador for USD 380 Million, strengthening its South American footprint

Luxembourg, October 30, 2025 – Millicom International Cellular S.A. (“Millicom”) today announced the successful completion of its USD 380 million acquisition of Telefónica’s telecommunications operations in Ecuador.

This transaction represents another major step in Millicom’s strategy to deepen its presence in South America, following the company’s recent acquisition of Telefónica Uruguay. With this addition, Millicom expands its footprint into a new, high-potential market—Ecuador, a dollarized economy characterized by stability, solid macroeconomic fundamentals, and a strong demand for advanced digital services.

Marcelo Benitez, CEO of Millicom, commented: “This acquisition underscores our long-term confidence in Latin America and further consolidates Millicom’s leadership as a premier digital connectivity provider in the region. By entering Ecuador, we strengthen our platform to expand digital access, empower communities, and drive economic and social progress. It is another testimony of our strength of execution and our ability to deliver on our strategic vision. We remain deeply committed to connecting people, opportunities, and futures through sustainable and inclusive growth.”

With operations now spanning eleven countries, Millicom reinforces its position as one of Latin America’s leading telecommunications groups. The company continues to advance digital inclusion and innovation, investing in next-generation networks and services that enable individuals, businesses, and governments to thrive in an increasingly digital world.

Ecuador Profile:

• Population & Demographics: Approximately 18.1 million people, with a median age of 32–33 years; about 65% of the population lives in urban areas, creating a young, connected, and increasingly digital consumer base.
• Economic Framework (2025–2026): A dollarized, open economy with solid macroeconomic fundamentals. The IMF projects GDP growth of around 1.7% in 2025 and 2.0% in 2026, with inflation remaining low at around 1.3%, supported by fiscal reforms, energy recovery, and stronger external balances. Key growth drivers include services, energy, and agriculture.
• Resilience & Reform: The country continues its post-pandemic recovery, advancing fiscal consolidation, competitiveness measures, and public-sector reforms to enhance investment confidence and long-term stability (IMF & World Bank, 2025).
• Positive IMF Review: The IMF this week concluded its latest review of Ecuador, reaffirming the country’s stronger-than-expected recovery, low inflation, and continued progress on key reforms — reinforcing confidence in its economic outlook.
• Telecommunications Landscape: A dynamic and competitive market where Telefónica Ecuador ranks second in mobile services. Continued urbanization and digital adoption are driving steady demand for data and connectivity.
• Market Growth & Outlook: Both mobile and broadband segments are expanding, with growth of approximately +1.4% in mobile and +3.6% in fixed broadband. Combined with a stable currency, youthful demographics, and rising digital consumption, Ecuador offers a strong platform for sustained telecom and digital-infrastructure investment.

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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.