The government of Bogota is seeking permission from the city council to sell its controlling stake in state owned telecoms operator Empresa de Telecomunicaciones de Bogota (ETB), Reuters has reported. According to TeleGeography’s GlobalComms Database, ETB is currently 88.4%-owned by the Capital District of Bogota, with the remaining 11.6% of the company in the hands of private shareholders. Based on current stock prices, the stake is valued at COP1.87 trillion (USD644.7 million), the news agency notes.
As previously reported by TeleGeography’s CommsUpdate, in January 2016 Enrique Penalosa, the newly appointed mayor of Bogota, raised the possibility of selling ETB, with a view to reallocating the financial resources to other public areas, notably education programmes. At that time, the rumoured sale prompted interest from Millicom International Cellular (MIC), with company CEO Mauricio Ramos confirming that MIC’s local unit Tigo-Une would be interested in participating in any future Colombian M&A activity.