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Tigo/Une complete merger

15 Aug 2014

Luxembourg-based group Millicom International Cellular (MIC) has announced that the merger of its Colombian mobile unit Tigo Colombia and fixed line operater Une-EPM was completed on 14 August. The merger will allow the combined entity to offer a full range of fixed and mobile voice, data and TV services and across a wider footprint. MIC also noted that it will be able to cross-sell products and services without undermining each side of the business, explaining: ‘Tigo is the leading provider of mobile telephony in the Atlantic coast region, where broadband penetration is less than 31%. In the northwest, where UNE is the provider of choice in broadband and fixed technology, Tigo’s market share is lower.’ MIC will fully consolidate the combined company and as part of the deal the group will take on net debt of USD1.3 billion. As noted by TeleGeography’s GlobalComms Database, under the pact, Une’s parent Empresas Publicas de Medellin (EPM) will hold a 50% plus-one-share stake in the enlarged entity, whilst MIC will hold the remainder and assume operational and administrative control of the operator. MIC did not comment on how long the process of integrating the two firms would take.

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