Wednesday, 30 September 2020

Liberty Latin America abandons bid for Millicom

Liberty Latin America has abandoned its approach for Millicom International Cellular after it reportedly failed to secure enough support from its rival’s management.

Liberty said in a statement that it “has terminated conversations with Millicom . . . regarding a potential transaction. The Company remains focused on its growth strategy to deliver value for shareholders and provide market leading products and services to its customers.”

The news last week of a possible merger would have concentrated Costa Rica’s cable television, IP telephony, and cellular phone market in the hands of a few.

More: The Implications in Costa Rica Of A Liberty Latin America and Millicom Merger

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The merger, if it had occurred, though global, would have required the approval of the Superintendencia de Telecomunicaciones (Sutel) – Costa Rica’s telecom regulator and the Comisión de Promoción de la Competencia (Coprocom) – competition commission since both companies operate locallly.

Liberty recently purchased of a major stake in Cabletica, while Millicoom operates in the country under the Tigo brand.

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