Trilogy International Partners revenue down 8% to USD155.4m in 1Q22

11 May 2022

Trilogy International Partners (TIP), which owns telecoms assets in New Zealand (2degrees) and Bolivia (Viva), has reported total revenues of USD155.4 million for the three months ended 31 March 2022, down 8% from USD169.3 million year-on-year. Adjusted EBITDA for the quarter dipped 15% to USD27.8 million, while the group reported a net loss of USD28.8 million for the period under review, compared to a deficit of USD11.7 million in 1Q21.

In operational terms, 2degrees reported a total of 1.449 million mobile subscriptions at end-March 2022, alongside 150,800 fixed broadband accounts. Viva, meanwhile, claimed 1.510 million mobile subscriptions at end-March.

On 31 December 2021 after Trilogy and its minority partner Tesbrit entered into a definitive agreement to sell 100% of 2degrees to Voyage Digital, a joint venture between Macquarie Asset Management and Aware Super. Trilogy notes that it received the remaining government approval for the sale of 2degrees in late April, and the transaction is anticipated to close before the end of May. Gross proceeds related to the sale of Trilogy’s ownership interest are expected to be approximately NZD930 million (USD586.7 million).

Running in parallel, on 28 March 2022 the company entered into an agreement to transfer its 71.5% equity interest in NuevaTel to Balesia Technologies for a nominal purchase price. This deal is also expected to close in the second quarter of 2022.