The acquisition, valued at USD 440 Million, strengthens Millicom’s presence and scale across South America.
Millicom International Cellular S.A. (“Millicom”) today announced it has entered into a definitive agreement to acquire 100% of Telefónica Móviles del Uruguay S.A. for an enterprise value of USD 440 million. This strategic acquisition aligns with Telefónica’s regional repositioning and enables Millicom to consolidate its leadership position in South America.
Millicom expects the transaction to be EFCF accretive as early as 2026, driven by operational efficiencies and integration with its existing regional footprint. Upon closing, the company anticipates immediate scale benefits, enhanced synergies, and long-term value creation across its Latin American platform.
The transaction further diversifies Millicom’s cash flow sources, reducing overall risk supported by Uruguay’s stable macroeconomic environment and investment-grade credit rating (BBB+). The deal is expected to temporarily increase Millicom’s leverage by approximately 0.1x.
The acquisition of a well-established, profitable mobile operator with nationwide coverage in Uruguay, also sees infrastructure and commercial synergies with Millicom’s existing operations in Paraguay and Bolivia.
In addition, it strengthens Millicom’s digital ecosystem, enabling enhanced bundling and service innovation; and reinforces Millicom’s mission to accelerate digital inclusion and sustainable development in Latin America.
Marcelo Benitez, CEO of Millicom, stated: “This acquisition represents a key milestone in our purposeful growth strategy across Latin America – especially in Uruguay, a country with strong fundamentals and a forward-looking digital agenda. We are committed to being a long-term partner in Uruguay’s digital development by investing in mobile infrastructure, improving service quality, and fostering innovation and talent development.”
The transaction remains subject to customary closing conditions, including regulatory approvals.
