ETB stake attracts no bids

3 Sep 2010

Bogota-based fixed line and broadband provider ETB has announced it has cancelled the process to find a strategic partner to acquire a 36.6% stake after it failed to attract any offers, according to a statement sent to the country’s financial services regulator Superfinanciera. ETB had been expected to select its strategic partner on 15 September. Prequalified bidders had until 1 September to submit their offers. However, ETB received no bids. ‘The company will keep on working to add value for its shareholders,’ ETB said. According to press reports, the local units of Telefonica and Telmex as well as Brazilian operator Oi and Luxembourg-based Millicom International Cellular had expressed interest in previous stages of the process. ETB was seeking a partner to bring in more capital in order to better compete in the increasingly competitive telecoms market. The Bogota municipal government currently holds 86.63% of the company, while minority shareholders have the remainder.

Colombia, Empresa de Telecomunicaciones de Bogota (ETB)