Millicom acquires Telefónica Ecuador

Telefónica Ecuador 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 in over 14 million homes.

Founded in 1990, Millicom International Cellular is headquartered in Luxembourg with principal executive offices in Doral, Florida.

Bustamante Fabara, a leading Ecuadorian law firm recognized for its expertise in mergers and acquisitions and complex cross-border transactions, acted as Ecuadorian legal counsel to Millicom.

Bustamante Fabara’s role was instrumental in navigating the regulatory landscape and ensuring a successful execution, highlighting the firm’s ability to deliver innovative legal solutions in high-stakes transactional environments, the law firm said.

“This transaction marks a significant milestone in Millicom’s strategic expansion in South America, reinforcing its leadership in the region and diversifying its operations in a stable, dollarized economy,” the firm added.

“The acquisition enhances Millicom’s regional footprint and supports long-term growth and digital inclusion across Ecuador.”

The firm’s multidisciplinary team, composed of partner José Rafael Bustamante Crespo, director Kirina González, senior associate Valentina Morillo, and a team of professionals including Gino Ivich, José Antonio Bustamante, Lorena Ortiz, Sebastián Eljuri, Ángeles Mancheno, and Sergio Samaniego, provided comprehensive legal counsel throughout the transaction.

Bustamante Fabara will continue to advise Millicom in the procedures required to obtain regulatory approvals and the closing of the transaction.

Winston and Strawn acted as international counsel to Millicom.