Millicom International Cellular S.A. announced the completion of its acquisition of 100% of Telefónica Móviles del Uruguay S.A. (Movistar) for an enterprise value of $440 million. This follows final approval from the Government of Uruguay.
This milestone transaction marks Millicom's official entry into the Uruguayan market, further consolidating its presence in South America and reinforcing its position as a leading regional telecommunications provider. The acquisition is expected to generate synergies across networks, operations, and commercial services.
CEO Marcelo Benitez stated that Millicom is thrilled to establish a presence in Uruguay, a country known for its stability and digital transformation vision. The integration is projected to deliver positive contributions to free cash flow for shareholders beginning in 2026, diversifying Millicom’s sources of value creation in a stable market.
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