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Millicom International Cellular SA and Empresas Publicas de Medellin ESP Reach Principal Agreement


Monday, 22 Jul 2013 09:00am EDT 

Millicom International Cellular SA announced that the Company and Empresas Publicas de Medellin ESP (EPM), a public service company in Colombia, announced on July 22, 2013 that they have reached an agreement in principle on the structure and key terms for the combination of their respective mobile, TV, broadband and telephony businesses to create a digital lifestyle company in Colombia. Through the proposed combination of UNE EPM Telecomunicaciones S.A, a unit of EPM, and Tigo Colombia, a company controlled by Millicom, EPM and Millicom expect to create a convergent operator, offering mobile, broadband at home and on the move, pay TV and fixed services. In accordance with the approval granted by Medellín’s City Council, EPM would hold a majority equity interest in the combined company, owning 50% and 1 share of the outstanding shares; with Millicom owning the remaining outstanding shares. The parties expect to execute definitive transaction documentation by the end of the third quarter of 2013 and to complete the proposed transaction by the end of the first quarter of 2014, subject to regulatory, government and bondholders’ approvals being received as expected.