Millicom acquires Telefónica’s Ecuadorian operations

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, high-speed data, voice, and business-to-business solutions such as cloud and security.

As of March 31, 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 is headquartered in Luxembourg with principal executive offices in Doral, Florida.

This deal represents a transformative moment for Ecuador’s telecommunications sector, reinforcing Millicom’s regional leadership and digital expansion strategy, according to Ecuadorian law firm Bustamante Fabara, which acted as legal counsel to Millicom.

With approximately five million customers and a 28% market share, Movistar Ecuador constitutes a strategic asset in a dollarized economy with strong growth fundamentals.

The law firm’s multidisciplinary team, led by partner José Rafael Bustamante C., director Kirina González and senior associate Valentina Morillo, provided comprehensive legal counsel throughout all stages of the transaction, from negotiation and due diligence to regulatory approvals and closing.

The firm will continue to advise Millicom on post-closing integration and regulatory matters.

This strategic acquisition aligns with broader trends across Latin America, where Telefónica continues to optimize its portfolio by reducing its regional exposure, while Millicom expands its investment in key markets with stable growth prospects.

Bustamante Fabara is one of Ecuador’s leading law firms, with a strong track record advising on complex financial transactions, cross-border deals, and international projects, with a team of more than 120 lawyers.