International players close in on Ola

5 Dec 2005

The joint owners of Colombia’s smallest cellco Colombia Móvil (Ola) are in talks with Luxembourg-based telecoms holding group Millicom International Cellular (MIC) about the possibility of MIC buying a stake in the mobile operator, according to local press reports. Officials from ETB and EPM have reportedly been meeting MIC representatives in Miami to discuss potential deals. MIC isn’t the only international group to be showing an interest in Ola, though, with Spanish giant Telefónica also rumoured to be in ‘advanced’ talks with its management. Commercially launched in November 2003, Colombia’s youngest mobile operator Ola is a joint venture between Bogotá-based fixed line operator ETB and Medellín municipal telco EPM. It recently revealed plans to float at least 15% of its capital on the Bogotá stock exchange in 2006.

Colombia, Colombia Movil (Tigo Colombia)